Fidelis Insurance repurchases CVC's remaining stake for $163 million

Fidelis Insurance Holdings Limited (NYSE: FIHL) announced it has entered into a definitive agreement to repurchase all remaining common shares held by founding shareholder CVC Falcon Holdings Limited for $163,346,230.

The company will repurchase 8,597,170 common shares at $19.00 per share. Following completion of the transaction, CVC will no longer hold any ownership interest in Fidelis Insurance Group.

The repurchase price of $19.00 per share is below the company's year-end diluted book value per common share of $24.61, according to the press release statement.

"We are pleased to announce the repurchase of CVC's remaining shares at a compelling value," said Dan Burrows, Fidelis Insurance Group CEO. "This transaction, completed below our year-end diluted book value per common share of $24.61, is expected to deliver meaningful accretion to our book value per share and return on average equity."

Daniel Brand, Partner and US Head of Financial Services at CVC, stated: "As a founding investor, we are very proud of all that Fidelis Insurance Group, and its talented and accomplished management team, have achieved."

Sidley Austin LLP served as legal advisor to Fidelis Insurance Group for the transaction.

Fidelis Insurance Group operates as a specialty insurance and reinsurance company and expects to rebrand as Pelagos Capital Insurance in 2026, subject to regulatory approvals. The company maintains insurer financial strength ratings of A from AM Best, A- from S&P and A3 from Moody's.

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