Fidelis Insurance Holdings Limited Announces Launch of Initial Public Offering

HAMILTON, Bermuda, June 20, 2023 /PRNewswire/ -- Fidelis Insurance Holdings Limited, a global insurance holding company, with insurance and reinsurance operations in Bermuda, Ireland and the United Kingdom (the "Company"), announced today the launch of its initial public offering ("IPO") of 17,000,000 of its common shares. The offering consists of 5,714,286 common shares offered by the Company and 11,285,714 common shares to be sold by certain of the Company's existing shareholders. In addition, the underwriters will have a 30-day option to buy an additional 2,550,000 common shares from the selling shareholders. The IPO price is currently expected to be between USD 16.00 and USD 19.00 per common share. The common shares are expected to trade on the New York Stock Exchange under the ticker symbol "FIHL."

The Company intends to use the net proceeds it receives from the offering to make capital contributions to its insurance operating subsidiaries, which, together with other sources of liquidity, should enable the Company to take advantage of the ongoing rate hardening in the key markets in which it participates by writing more business under its planned strategy. The Company will not receive any of the proceeds from the sale of its common shares by the selling shareholders.

J.P. Morgan, Barclays and Jefferies are acting as Joint Lead Bookrunning Managers for the proposed offering. Keefe, Bruyette & Woods, a Stifel company, BMO Capital Markets, Citigroup and UBS Investment Bank are acting as Joint Bookrunning Managers for the proposed offering. JMP Securities, A Citizens Company and Dowling & Partners Securities are acting as co-managers for the proposed offering.

The proposed offering of the Company's common shares will be made only by means of a prospectus. Copies of the preliminary prospectus, may be obtained from:  J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-866-471-2526 or by email at prospectus-eq_fi@jpmchase.com; Barclays Capital Inc. c/o Broadridge Financial Solutions, 115 Long Island Avenue Edgewood, NY 11717, by telephone at (888) 603-5847 or by email at Barclaysprospectus@broadridge.com; and Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at prospectus_department@jefferies.com. A registration statement relating to the proposed IPO has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. The common shares may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

Investor Inquiries:
IR@fidelisinsurance.com

Media Inquiries:
fidelis@teneo.com