4 June 2018Insurance

Fidelis launches new sidecar Socium Re on Bermuda

Fidelis Insurance Holdings has formed a new Bermuda-domiciled special purpose insurer, which it plans to use to provide collateralised capacity support for Fidelis’ reinsurance portfolio.

Socium Re has entered into a quota share agreement with Fidelis, incepting 1 June 2018, under which it will reinsure a share of Fidelis’ worldwide excess of loss portfolio.

The vehicle has secured capital commitments of approximately $50 million. This includes capital from third-party investors, together with approximately $5 million from Fidelis. The sidecar sits alongside Fidelis’ rated quota share partners and Fidelis intends to grow both strategies.

Philip Vandoninck, executive head of partnerships and head of International Reinsurance, said: “This is an important step in the development of our business strategy. We have been pleased with the capital markets interest in our reinsurance portfolio and received commitments at almost double the targeted capital raise amount. In 2017, Fidelis’ reinsurance portfolio significantly outperformed the market, and this will have positively influenced investor interest in this transaction.”

Fidelis partnered with Aon Securities for this transaction, with the Horseshoe Group handling the operational aspects.

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

Ryan Specialty secures $175m PE investment to fund growth

Lloyd’s broker AFL launches ILS and risk advisory business in London

BPL Global opens new Swiss branch as senior leader returns from UBS

Capsicum Re launches new US cyber hub as demand increases

Sompo International completes acquisition of Lexon Surety

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
23 October 2018   Bermuda-based Fidelis Insurance Holdings has revealed plans to establish a re/insurer in Ireland, which it said will allow it to take advantage of opportunities in the European Economic Area.
Insurance
17 May 2018   Bermuda-based Fidelis Insurance has taken an equity stake in a new managing general agent (MGA) Aware Specialty, and will be providing underwriting capacity.
Insurance
9 January 2018   Fidelis Insurance has promoted Richard Coulson to the position of chief underwriting officer of Fidelis Underwriting. He takes up this role with immediate effect and will report to Daniel Burrows, chief executive officer of Fidelis Underwriting.