Fidelis Insurance Holdings Limited has executed its initial public offering on the New York Stock Exchange, prompting the sending of a congratulatory note by an insurance sector colleague.

Priced below the marketed guidance range of $16 to $19 per common share, in a challenging market, the company looks set to raise up to $241.5 million.

FIHL, the global re/insurer headquartered in Bermuda with offices in Ireland and Britain, priced its IPO of an aggregate of 15 million common shares at a price to the public of $14 per common share.

Of the offered shares, 7,142,857 were offered by the company and 7,857,143 were offered by certain of the company’s existing shareholders.

In addition, the underwriters were granted a 30-day option to buy up to an additional 2.25 million common shares from the selling shareholders at the IPO price, less underwriting discounts and commissions.

The common shares began trading on the New York Stock Exchange under the ticker symbol FIHL.

The company intends to use the net proceeds it receives from the offering to make capital contributions to its insurance operating subsidiaries, which, together with other sources of liquidity, should enable the company to take advantage of the rate hardening in the key markets in which it participates by writing more business under its planned strategy.

The developments prompted the boss of Fidelis MGU to congratulate Fidelis Insurance Group.

Richard Brindle, chairman and CEO of Fidelis MGU, said: “It has been an incredible year for the Fidelis brand culminating now with the listing of Fidelis Insurance Group on the NYSE.

“I applaud my long-time friend and colleague, Dan Burrows, and his highly talented team in their incredible achievement, and I look forward to many years of close collaboration with some of the best capital and risk managers in the industry at Fidelis Insurance Group.”

FIHL shares were listed at $13.50 at midday on Friday, up 60 cents (4.65 per cent) on the day.