Bermuda insurer Fidelis Insurance Holdings Limited has filed to raise $100 million in an initial public offering of its common shares.

The firm provides speciality, bespoke and property reinsurance services.

The company submitted a draft registration statement with the Securities and Exchange Commission relating to the proposed IPO of its common shares.

The number of common shares to be offered and the price range for the proposed offering had not yet been determined.

The registration statement was expected to become effective, subject to market and other conditions, after the SEC completed its review.

Last year was a good year for Fidelis, which wrote $3 billion in gross premiums, representing an annual compound growth rate of 46 per cent since its founding, eight years ago.

Management is headed by parent company founder, chairman and CEO Richard Brindle, who has been with the firm since its inception in 2015 and has more than 38 years in underwriting experience and held leading roles in Lloyd's of London syndicates.

News of the US IPO pursuance came just a month after Fidelis completed a transaction creating a new managing general underwriter separate from Fidelis Insurance Holdings Limited and the existing insurance companies.

Management has stated the insurance industry is “primed for further value disaggregation, favouring specialist underwriters with access to clients and alternative sources of capital”.

According to a market research report by Allied Market Research, the global speciality insurance market was valued at $104.7 billion two years ago, and is projected to reach $279 billion by 2031.