Fidelis Insurance Holdings Limited has raised net proceeds of more than $89 million in an initial public offering on the New York Stock Exchange.

FIHL, the global re/insurer headquartered in Bermuda with offices in Ireland and the United Kingdom, announced on Monday the closing of its IPO of an aggregate of 15 million common shares having a price to the public of $14 per common share.

The offering included 7,142,857 common shares sold by the company and 7,857,143 common shares sold by certain selling shareholders.

The common shares began trading on the NYSE on Thursday under the ticker symbol "FIHL".

The net proceeds from the offering to the company, after deducting underwriting discounts and commissions and estimated offering expenses payable by the company, were approximately $89.4 million.

The company said it 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 ongoing rate hardening in the key markets in which it participates by writing more business under its planned strategy.

The company did not receive any of the proceeds from the sale of its common shares by the selling shareholders.

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