Veteran insurance chief Richard Brindle is set to head up a new $2 billion insurance venture on the Island.

Mr Brindle — former CEO of Bermuda-based Lancashire Holdings — will lead Fidelis Insurance Holdings, according to reports.

The new firm is backed by Los Angeles-based Oaktree Capital and other investors and — according to documents seen by Bloomberg — Fidelis aims to hold an initial public offering within five years.

Mr Brindle’s operation can “capitalise on opportunities that neither the traditional insurance model nor the hedge fund reinsurance model effectively capture”, according to the document.

The Goldman Sachs pitch document said that investors will have the potential to exit through an initial public offering in three to five years if market conditions permit.

The document added that Fidelis “expects to pay low corporate income tax.”

The founding investors, including Oaktree, previously backed the London-based Lancashire, which was led by Mr Brindle until he retired last year.