Mishcon de Reya advised the management team (led by Richard Brindle) of Fidelis Insurance Holdings Limited, a London-based insurance and reinsurance group, in connection with the launch of a new Managing General Underwriter and the separation of its business.
On 3 January 2023, Fidelis Insurance Holdings Limited completed the launch of the new Fidelis MGU which will be separated from the existing balance sheet insurance companies sitting within Fidelis. This new structure will allow each entity to focus on its core functions and specialisms, and provide the relevant services to the Fidelis clients, brokers and other stakeholders.
The newly created Fidelis MGU will be one of the largest managing general underwriters globally, with plans to originate and underwrite across a range of specialty insurance and reinsurance classes of business.
Fidelis is a privately owned, London and Bermuda-based holding company, which, through its subsidiaries, is a global provider of property, bespoke and specialty insurance and reinsurance products.
The Mishcon team was led by London Corporate Chair, Kevin McCarthy and Private Equity Partner, James Paterson with assistance from Corporate Associate, Emma Webb. Fidelis was advised on the transaction by Evercore Partners International LLP, Kinmont, Willkie Farr & Gallagher (UK) LLP and PricewaterhouseCoopers LLP. Capital Z Partners, The Travelers Companies, Inc. and Further Global Capital Management were advised on the transaction by Skadden, Arps, Slate, Meagher & Flom LLP. Blackstone, OHA and Barings were advised on the transaction by White & Case LLP and Freshfields LLP.