July 25, 2022
Willkie advised Fidelis Insurance Holdings Limited, a London-based insurance and reinsurance group, in connection with the transaction.
On July 25, Willkie client Fidelis Insurance Holdings Limited announced its intention to create a new Managing General Underwriter (Fidelis MGU) which, subject to regulatory approvals, will be separated from the existing balance sheet insurance companies sitting within Fidelis. This new structure will allow each entity to focus on its core functions and specialisms, and provide the relevant services to the Fidelis clients, brokers and other stakeholders.
The newly created Fidelis MGU will be one of the largest managing general underwriters globally, with plans to originate and underwrite across a range of specialty insurance and reinsurance classes of business.
Fidelis is a privately owned, London and Bermuda-based holding company, which, through its subsidiaries, is a global provider of property, bespoke and specialty insurance and reinsurance products.
The cross-border Willkie team was led by London partner Joseph Ferraro and included partner Jennifer Tait and attorneys from Willkie’s global insurance, tax and competition groups. Partners Ashley Young, Komal Raina and Jonathan Zane advised on the debt financing.
