June 29, 2023
Willkie represented Fidelis Insurance Holdings Limited (FIHL) in connection with its initial public offering on the New York Stock Exchange.
Fidelis Insurance Holdings Limited is a global insurance holding company with insurance and reinsurance operations in Bermuda, Ireland and the United Kingdom. The FIHL IPO followed the creation of a new managing general underwriter (Fidelis MGU), which was separated from the balance sheet insurance companies in a spin off transaction closed in January of this year.
The initial public offering involved both a primary issuance of 7,142,857 shares by FIHL and secondary sale of 7,857,143 shares by a large majority of FIHL’s existing shareholders, including large private equity funds and high-net-worth individuals, at a price of $14.00 per share. The underwriters have been granted a 30-day option to buy up to an additional 2,250,000 common shares from the selling shareholders at the initial public offering price. The IPO proceeds will be $210 million, and up to $241.5 million if the underwriters’ option is exercised. The common shares are expected to begin trading on June 29, 2023, on the New York Stock Exchange under the ticker symbol "FIHL" and the offering is expected to close on July 3, 2023, subject to the satisfaction of customary closing conditions.
The Willkie team was led by Corporate & Financial Services partners Joseph Ferraro and Jennifer Tait with associate Ida Nizankowska-Polus in London. Executive Compensation and Employee Benefits advice was provided by partner Michael Katz and associate Deanna Clugston in New York.
Fidelis Insurance Holdings Limited is a global insurance holding company with insurance and reinsurance operations in Bermuda, Ireland and the United Kingdom. The FIHL IPO followed the creation of a new managing general underwriter (Fidelis MGU), which was separated from the balance sheet insurance companies in a spin off transaction closed in January of this year.
The initial public offering involved both a primary issuance of 7,142,857 shares by FIHL and secondary sale of 7,857,143 shares by a large majority of FIHL’s existing shareholders, including large private equity funds and high-net-worth individuals, at a price of $14.00 per share. The underwriters have been granted a 30-day option to buy up to an additional 2,250,000 common shares from the selling shareholders at the initial public offering price. The IPO proceeds will be $210 million, and up to $241.5 million if the underwriters’ option is exercised. The common shares are expected to begin trading on June 29, 2023, on the New York Stock Exchange under the ticker symbol "FIHL" and the offering is expected to close on July 3, 2023, subject to the satisfaction of customary closing conditions.
The Willkie team was led by Corporate & Financial Services partners Joseph Ferraro and Jennifer Tait with associate Ida Nizankowska-Polus in London. Executive Compensation and Employee Benefits advice was provided by partner Michael Katz and associate Deanna Clugston in New York.
