PEMBROKE, Bermuda - Fidelis Insurance Holdings Limited (NYSE:FIHL), a global specialty insurer, announced the initiation of a secondary public offering of 9,000,000 common shares held by certain shareholders. The company clarified that it will not sell any shares nor receive proceeds from this offering.
The selling shareholders are also offering the underwriters a 30-day option to purchase up to an additional 1.35 million shares. This offering is contingent upon the effectiveness of a registration statement filed with the U.S. Securities and Exchange Commission, which is currently pending.
A team of financial institutions, including Barclays, J.P. Morgan, and Goldman Sachs & Co. LLC, will lead the bookrunning for the offering. Other participants in the management of the offering include Evercore ISI, Citigroup, BMO Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, and UBS Investment Bank, with Citizens JMP and Dowling & Partners Securities, LLC serving as co-managers.
Interested parties may obtain copies of the preliminary prospectus from the offices of Barclays Capital Inc., J.P. Morgan Securities LLC, and Goldman Sachs & Co. LLC.
Fidelis Insurance Group operates in the global insurance market, focusing on specialty insurance solutions across three segments: Specialty, Bespoke, and Reinsurance. The company aims to adapt its business strategies to the cyclical nature of the insurance market and achieve superior underwriting returns.
The press release included a cautionary statement regarding forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ from those anticipated.
This news is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The sale of these securities will not commence until the registration statement becomes effective in accordance with the relevant securities laws.
InvestingPro Insights
In light of Fidelis Insurance Holdings Limited's (NYSE:FIHL) recent announcement regarding the secondary public offering of common shares, InvestingPro data provides additional context for investors considering the company's financial health and market performance. With a market capitalization of $2.17 billion and a notable price-to-earnings (P/E) ratio of 4.45 for the last twelve months as of Q1 2024, FIHL is trading at a low earnings multiple compared to industry peers.
InvestingPro Tips suggest that despite analysts expecting a sales decline and a drop in net income for the current year, the company's valuation implies a strong free cash flow yield. Additionally, FIHL has demonstrated a robust return over the past three months, with a total return of 41.04%, and a large price uptick over the last six months, indicating investor confidence in the stock.
For investors seeking further insights, there are additional InvestingPro Tips available that could provide a deeper understanding of FIHL's financial outlook. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable tips.
Investors contemplating participating in the secondary public offering or looking to adjust their current positions in FIHL may find these metrics and tips particularly relevant to their decision-making process.
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