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PEMBROKE, Bermuda - Fidelis Insurance Holdings Limited (NYSE:FIHL), a specialty insurer with a market capitalization of $1.9 billion, has priced $400 million in 7.750% Fixed-Rate Reset Subordinated Notes due 2055, according to a company statement on Tuesday.
The global specialty insurer expects the offering to close on June 13, 2025, subject to customary closing conditions.
The company plans to use part of the net proceeds to redeem its 9.00% Fixed Rate/Floating Rate Cumulative Preference Shares, Series A. The remaining funds will be allocated for general corporate purposes.
Wells Fargo Securities, Barclays and Lloyds Securities are serving as joint book-running managers for the offering.
The notes are being offered through an existing shelf registration statement previously filed with the U.S. Securities and Exchange Commission.
Fidelis Insurance Group, headquartered in Bermuda with offices in Ireland and the United Kingdom, maintains an insurer financial strength rating of A from AM Best, A- from S&P, and A3 from Moody’s.
The company describes itself as a global specialty insurer with a diversified portfolio that allows it to respond to changing market conditions.
The information in this article is based on a press release statement from Fidelis Insurance Holdings Limited.
In other recent news, Fidelis Insurance Holdings has been the subject of multiple analyst updates and corporate developments. S&P Global Ratings revised its outlook for Fidelis from positive to stable due to significant net adverse prior year development, with anticipated losses from aviation-related issues and the California wildfires. Despite these challenges, S&P affirmed all ratings for Fidelis, citing strong capitalization and underwriting capabilities. In terms of analyst insights, Citizens JMP raised the price target for Fidelis to $27, maintaining a Market Outperform rating, highlighting the company’s strong market positioning in specialty insurance and reinsurance. Jefferies also increased its price target to $17 and maintained a Hold rating, acknowledging growth in sectors like property and marine, but advised caution in aviation. Similarly, Goldman Sachs adjusted its price target to $15.50 while maintaining a Sell rating, noting concerns about the operating environment and long-term return on equity. Additionally, Fidelis announced its Annual General Meeting of Shareholders scheduled for May 6, 2025, where shareholders will discuss key company matters. These developments reflect the dynamic environment Fidelis navigates amid both opportunities and challenges.
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