BDA Congratulates Fidelis On Recent IPO
The Bermuda Business Development Agency [BDA] continues to celebrate Fidelis Insurance Group’s [Fidelis or the Company] IPO, which listed on the New York Stock Exchange [NYSE] on June 29, 2023.
A spokesperson said, “The IPO was a testament to the incredible business community that Bermuda has fostered and demonstrated the ability of Bermudian companies to attract capital and investment around the world.
“In celebration of the Company’s Bermudian heritage, Fidelis featured the country’s flag across its on-site marketing activations at the New York Stock Exchange [NYSE]. BDA CEO David Hart was in attendance at the bell-ringing ceremony as well.”
“I was thrilled and honoured to be with the great team from Fidelis for their IPO ceremony on the NYSE. This was not only a great day for them but also a great day for Bermuda as it showed the continued global significance of Bermudian companies,” Mr. Hart said.
The spokesperson said, “Fidelis raised roughly $100 million for the company, which will be deployed in an exceptionally dislocated insurance market, positioning the Company for future success. Fidelis is comprised of an exceptional group of capital and risk managers with an exclusive relationship with some of the best underwriters in the business at Fidelis MGU. Market conditions are currently very favorable for the Company, with rate increases and renewal retention rates are at some of the highest levels the company has seen, representing one of the best underwriting environment in the company’s history.
“With nearly 80 employees working at both Fidelis IG and Fidelis MGU, the Company is deeply committed to the Bermudian market and looks forward to growing its presence in the country even more in the coming years.”
Dan Burrows, Group Chief Executive Officer and Executive Director of Fidelis Insurance Group said, “Our listing on the NYSE demonstrates the ability of Bermudian companies like ours to compete on an international stage for business and capital. We are thankful for the collective dedication of our people, as well as the ongoing support of Bermudian government and the conducive business environment it fostered, for helping Fidelis Insurance Group build the foundation for long-term success moving forward. As we enter this exciting phase of our journey, we are focused on deploying capital toward profitable underwriting opportunities, growing our existing scale and creating significant value for all our stakeholders.”
The spokesperson said, “Other Bermuda-based companies that have had IPOs on the NYSE include Athene and Butterfield, while Conduit Re conducted its IPO on the London Stock Exchange in 2020.”
Bermuda’s Premier, The Hon. E. David Burt JP, MP said, “On behalf of the Government of Bermuda, I congratulate Fidelis on joining the growing ranks of Bermudian companies being traded publicly on major financial markets around the globe. Bermuda continues to be a centre for financial services innovation, and I am pleased to once again see Bermuda’s flag flying proudly on Wall Street.”
