Fidelis Insurance Holdings, a strategic capital allocator and risk selector in the specialty insurance and reinsurance sector, has entered into a definitive agreement to repurchase all remaining ordinary shares held by CVC Falcon Holdings Limited (CVC) for an aggregate purchase price of US$163,346,230.00.
According to the announcement, Fidelis agreed to repurchase 8,597,170 shares of common stock at a price of $19.00 per share.
Under the terms of the buyback, CVC will no longer hold any ownership interest in Fidelis Insurance Group.
Sidley Austin LLP served as legal counsel to Fidelis Insurance Group in connection with this transaction.
Dan Burrows, CEO of Fidelis Insurance Group, commented: “We are pleased to announce the repurchase of the remaining shares of CVC at a compelling price. This transaction completed at a price below our year-end diluted book value per common share of $24.61 and is expected to be meaningfully accretive to our book value per share and return on average equity.”
“We appreciate the CVC Long-term support and investment in Fidelis Insurance Group. As we move forward, our strong financial position and continued momentum reinforce our commitment to creating long-term value for all of our shareholders. “
Daniel Brand, “As founding investors, we are extremely proud of what Fidelis Insurance Group and its talented and accomplished management team have accomplished. We wish them continued success in the future,” said CVC Partner, Head of U.S. Financial Services and Co-Head of Commercial Services.
Fidelis Insurance Group recently announced its intention to change its name to Pelagos Insurance Capital Limited. The company expects to begin trading under the new ticker symbol (NYSE: PLGO) in May 2026, subject to obtaining all necessary regulatory and legal approvals.
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