Bermudian-based Fidelis Insurance Holdings Limited has raised about $300 million of equity capital from a combination of its existing shareholders and a wholly owned subsidiary of the Abu Dhabi Investment Authority.

The funding is to be used to support Fidelis’s further growth.

“The capital raise in addition to the accumulated profits from 2019 position Fidelis excellently for the increasingly positive market conditions, particularly in certain specialty and reinsurance segments, and will give Fidelis capacity for growth and greater influence in its chosen markets,” Richard Brindle, chairman and Group chief executive officer, said.

“This successful capital raise is further validation of the Fidelis business model and recognises our market-leading performance to date. It has given us significant firepower in a market where we are seeing attractive opportunities. We are delighted to have secured a further vote of confidence from our existing shareholders and also to welcome ADIA as a new investor to the company.”

The insurer and reinsurer was advised on the transaction by Evercore and Willkie Farr & Gallagher.