Fidelis Insurance Holdings Ltd, the Bermudian-based international insurer, announced today that it had submitted a draft registration statement for an initial public offering with the US Securities and Exchange Commission.

Fidelis said it had not yet determined how many common shares would be offered, or the price range for the stock.

The company said: “The registration statement is expected to become effective, subject to market and other conditions, after the SEC completes its review process.”

The announcement comes after Fidelis “bifurcated” in January by creating a new managing general agency, Fidelis MGU.

Under the new structure, which took effect on January 4, the Fidelis MGU is led by chairman and chief executive officer Richard Brindle, and Fidelis Insurance Group will be led by chief executive Dan Burrows.

The Fidelis Insurance Group capital structure remained unchanged, as were its investors apart from the purchase of a 9.9 per cent stake in Fidelis Insurance Group by the Fidelis MGU from existing shareholders, creating additional alignment.

Mr Brindle and the Fidelis MGU team were to retain a significant personal stake in the Fidelis Insurance Group at completion as well as being significant shareholders in Fidelis MGU.

Mr Brindle said then: “This has been a groundbreaking transaction that will enable the separated entities to focus on what they do best, and we are keen to move forward and focus on our clients and brokers. I would like to thank everyone who has been involved in this deal and I am excited for the future of these two entities.”

Mr Burrows said: “Fidelis Insurance Group will benefit from providing long-term capacity to the Fidelis MGU along with mechanisms to ensure alignment between the separated companies.

“We look forward to the start of this long-term and successful partnership which will be focused on the continued delivery of underwriting outperformance within the insurance and reinsurance sectors.”

According to its website, Fidelis had net income of $68 million in 2021 compared with $126 million in 2020.

It reported assets of $7 billion and shareholders equity available to common shareholders of $2 billion.

Gross written premiums in 2021 were $2.8 billion, up from $1.6 billion in 2020 and $811 million in 2019.