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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 05, 2022 11:40 AM (EST)
Fidelis has received regulatory approvals for the separation of its current configuration into a balance sheet company, which will continue to hold reserves, record the premiums issued, pay claims, manage investments, and utilize a managing general underwriter (MGU), which will underwrite business on behalf of the balance sheet entity. The transaction is expected to close in early January 2023 and is evolving in line with AM Best’s expectations.
Fidelis’ Credit Ratings (ratings) will remain under review with negative implications following its announcement that certain regulatory approvals have been secured. Specifically, these ratings include the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Fidelis Insurance Bermuda Limited (Fidelis) (Bermuda), Fidelis Underwriting Limited (United Kingdom) and Fidelis Insurance Ireland Designated Activity Company (Ireland), as well as the Long-Term ICR of “bbb” (Good) of Fidelis Insurance Holdings Limited (Bermuda), the ultimate holding company, including the Long-Term Issue Credit Rating of “bb+” (Fair) of Fidelis Insurance Holdings Limited’s $304 million ($58 million currently outstanding) 9% preference shares due 2050. The under review with negative implications status will be resolved once the transaction is completed.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.