The board of directors of Bermudian-based Fidelis Insurance Holdings Ltd has approved the adoption of a common share repurchase programme of up to $50 million of the company’s common shares.

Fidelis said the programme authorises the purchase of up to $50 million of the stock utilising a variety of methods, including open market purchases, accelerated share repurchases and privately negotiated transactions.

Dan Burrows, group chief executive officer, said: “We are pleased to announce the board’s approval of this repurchase programme.

“Building on our strong performance and results through the third quarter, this programme demonstrates our belief in the compelling value of our shares.

“Our performance through the third quarter has added to our solid capital position, and we are well placed to pursue the significant opportunities we see ahead in the market, while also adding to shareholder value through the repurchase of our shares.”

Fidelis said the programme may be suspended or discontinued by the board of directors at any time.

The company reported net income available to common shareholders of $87.7 million in an eventful third quarter that also saw the organisation complete its initial public offering on the New York Stock Exchange.

The IPO on July 3 raised $89.4 million in net proceeds through the issuance of 7,142,857 common shares at $14 per common share.