株探米国株
英語
エドガーで原本を確認する
6-K 1 form6k-fihlxprojectpippaxm.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
March 28, 2024
Commission File Number: 001-41731
FIDELIS INSURANCE HOLDINGS LIMITED
(Exact Name of Registrant as Specified in its Charter)
Wellesley House South, 90 Pitts Bay Road, Pembroke, Bermuda, HM08
+1 441 279 2500
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒    Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐    No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐    No ☒













On March 28, 2024, Fidelis Insurance Holdings Limited (NYSE:FIHL) (“Fidelis Insurance Group”) announced its participation in the launch of a new Lloyd’s Syndicate 3123 with The Fidelis Partnership, formerly Fidelis MGU. Fidelis Insurance Group will participate as a co-investor, alongside The Fidelis Partnership and Hampden Agencies, contributing 9.9% of Syndicate 3123’s total capital requirement in respect of the second half of 2024. Fidelis Insurance Group will also take a variable quota share of the book of business underwritten by Syndicate 3123.

Syndicate 3123 will underwrite a diverse book of risks across multiple insurance and reinsurance classes including property catastrophe, credit, political violence, marine, and aviation. The syndicate has received in principle approval from Lloyd’s, with underwriting set to begin on July 1, 2024, subject to the completion of final approval by Lloyd’s. Syndicate 3123’s initial targets are to underwrite $180 million of Gross Written Premium (“GWP”) in the second half of 2024 and $450 million in aggregate in 2025, and Fidelis Insurance Group will indirectly participate in a portion of this business through its provision of capital to, and its reinsurance of, Syndicate 3123.

Fidelis Insurance Group’s participation in Syndicate 3123 aligns with its strategy to facilitate consistent access to the most attractive risks by creating new opportunities, including, for example through Lloyd’s enhanced distribution channels and strong ratings. We believe that this participation will further enhance Fidelis Insurance Group’s efforts to deliver consistently compelling returns through the cycle and create value for our shareholders and all other stakeholders. Inclusive of the Fidelis Insurance Group’s quota share participation in respect of Syndicate 3123, we continue to expect our 2024 GWP growth will be broadly in line with 2022-23 growth.

A copy of the press release issued by The Fidelis Partnership is attached hereto as Exhibit 99.1.

Safe Harbor Regarding Forward-Looking Statements

This 6-K contains, and our officers and representatives may from time to time make, “forward-looking statements” which include all statements that do not relate solely to historical or current facts and which may concern strategy, plans, projections or intentions and are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “target,” “believe,” “project,” “estimate,” “expect,” “strategy,” “predict,” “potential,” “assumption,” “future,” “likely,” “may,” “should,” “could,” “will” and the negative of these and also similar terms and phrases. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are qualified by these cautionary statements, because they are based only on current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, but are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change.

Actual results in the future could differ materially from those anticipated in any forward-looking statements as a result of changes in assumptions, risks, uncertainties and other factors, including those disclosed under the section titled ‘Risk Factors’ in Fidelis Insurance Holdings Limited’s Annual Report on Form 20-F filed with the SEC, as well as subsequent filings with the SEC available electronically at www.sec.gov. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.






EXHIBIT INDEX

Exhibit






Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


FIDELIS INSURANCE HOLDINGS LIMITED
Dated:March 28, 2024
By: /s/ Janice Weidenborner
Name: Janice Weidenborner
Title: Group Chief Legal Officer
                            
    
    

EX-99.1 2 exhibit991fihl-projectpipp.htm EX-99.1 Document


The Fidelis Partnership Spearheads New Lloyd’s Syndicate
Fidelis Insurance Group, Hampden Agencies and Asta to participate in new vehicle

PEMBROKE, BERMUDA, March 28, 2024 - The Fidelis Partnership today announced that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Limited (NYSE:FIHL) (“Fidelis Insurance Group”), a global specialty insurer, and Hampden Agencies, the largest provider of private capital to Lloyd’s. The sponsorship of Syndicate 3123 by The Fidelis Partnership marks the return of its Founder and Chief Executive Officer, Richard Brindle, to the Lloyd’s market after 26 years.
Subject to the completion of final approval, the launch of Syndicate 3123 will represent a significant milestone in The Fidelis Partnership’s strategic expansion, and reflects its continued alignment and strong collaborative relationship with the Fidelis Insurance Group. With an initial target to write $180 million of Gross Written Premium (GWP) in H2 of 2024 and $450 million in 2025, Syndicate 3123 will underwrite across multiple insurance and reinsurance classes including contract frustration and political risk, credit, property catastrophe, political violence, marine, and aviation.
Daniel O’Connell will be appointed as the Active Underwriter of Syndicate 3123. Mr. O’Connell brings extensive specialty underwriting experience and is currently serving in the role of Head of Bespoke for The Fidelis Partnership.
The syndicate will be managed at formation with support from Asta, the leading third-party managing agent at Lloyd’s.
Richard Brindle, CEO of The Fidelis Partnership, said: “Our new syndicate will bring underwriting leadership, innovation, and flexibility. It will build on Lloyd’s position as the world’s leading insurance marketplace. Private capital remains highly relevant in insurance; we are therefore delighted to partner with Fidelis Insurance Group and also with Hampden Agencies, to bring this new capacity into the market. This allows us to access more business and write risks on behalf of a broader range of clients in more jurisdictions leveraging Lloyd’s global licences, recently-upgraded financial strength rating and capital structure. We are looking forward to embarking on this next step of our journey of innovation and collaboration, all while we continue to set new standards of excellence in the industry.”
Dan Burrows, CEO of Fidelis Insurance Group, said: “We are proud to support the launch of Syndicate 3123. Our underwriting strategy is designed to facilitate consistent access to the most attractive risks. Syndicate 3123 further advances our strategy by creating new opportunities based on Lloyd’s extensive licenses and strong ratings. Together with The Fidelis Partnership, we look forward to continuing to redefine the specialty insurance landscape and create value for our shareholders by proactively managing and allocating capital and supporting profitable underwriting opportunities.”
John Neal, Lloyd’s CEO, said: “The Fidelis Partnership has built a solid reputation as a leading underwriting agency, and we’re excited to welcome Syndicate 3123 to the market. Lloyd’s is the perfect place for forward-thinking companies to come together and innovate to find solutions to some of the world’s most complex and challenging risks, and we’re delighted that The Fidelis Partnership will be joining us to solve these problems for our customers.”



Patrick Tiernan, Chief of Markets, Lloyd’s, said: “The Fidelis Partnership team brings a depth of underwriting leadership and supports our ambition of having the world’s best underwriters operating on the Lloyd’s platform. We see this opportunity as being accretive to the market, bringing in new and diverse sources of underwriting capability and capital. Richard and his team are warmly welcomed back into the Lloyd’s underwriting community."
Alistair Wood, Hampden Agencies CEO, added: “Hampden Agencies is delighted to be involved in this new syndicate, which demonstrates the important role of private capital in the Lloyd’s market and our ability to access that capital with scale. This is a great opportunity for private investors to enjoy the returns from prudent and profitable underwriting.”
Lorraine Harfitt, Asta Capital Limited (“Asta”) CEO, said: “We are delighted to support Richard and his team in securing in-principle approval for Syndicate 3123. By combining Asta's strengths as a managing agent with our collective commitment to innovation, our partnership aims to deliver leading underwriting solutions that address critical market challenges, including climate change. We look forward to supporting Syndicate 3123 as it aims to achieve accretive and strong underwriting results to the Lloyd’s market.”
The Fidelis Partnership and Fidelis Insurance Group are being advised on the transaction by Asta and Willkie Farr & Gallagher (UK) LLP.

About The Fidelis Partnership

The Fidelis Partnership is a leading privately-owned, Bermuda-based Managing General Underwriter, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty insurance and reinsurance products. The Fidelis Partnership is one of the largest Managing General Underwriters globally and its operations also include outwards reinsurance, claims handling, exposure management and portfolio analytics. The Fidelis Partnership also sponsors and incubates specialist MGAs through its Pine Walk platform. The Fidelis Partnership is separately owned and managed from the ownership and management of Fidelis Insurance Group. Additional information regarding The Fidelis Partnership may be found at www.fidelispartnership.com.

About Fidelis Insurance Group

Fidelis Insurance Group is a global specialty insurer, leveraging strategic partnerships to offer innovative and tailored insurance solutions.

We have a highly diversified portfolio focused on three segments: Specialty, Bespoke, and Reinsurance, which we believe allows us to take advantage of the opportunities presented by evolving (re)insurance markets, proactively shift our business mix across market cycles, and produce superior underwriting returns.

Headquartered in Bermuda, with worldwide offices including Ireland and the UK, Fidelis Insurance Group operating companies have a financial strength rating of A from AM Best, A-from S&P and A3 from Moody’s.



For additional information about Fidelis Insurance Group, our people, and our products please visit our website at www.FidelisInsurance.com.

The Fidelis Partnership Media Contacts:
FTI Consulting
fidelismgu@fticonsulting.com

Fidelis Insurance Group Investor Contact:
Fidelis Insurance Group
Miranda Hunter
+1 (441) 279 2561
miranda.hunter@fidelisinsurance.com

Fidelis Insurance Group Media Contacts:
Fidelis Insurance Group
James Dumelow
+44 778 904 0954
James.Dumelow@fidelisinsurance.com

Kekst CNC
Fidelis@kekstcnc.com