Fidelis Insurance Holdings Ltd. has launched a new Bermuda-domiciled special purpose insurer, Socium Re Ltd., to provide collateralized capacity support for Fidelis' reinsurance portfolio.
The vehicle has secured capital commitments of approximately $50 million. This includes capital from third-party investors, together with approximately $5 million from Fidelis.
Socium also entered into a quota share agreement with Fidelis, starting June 1, under which it will reinsure a share of Fidelis' worldwide excess of loss portfolio.
Fidelis partnered with Aon Securities for this transaction, with the Horseshoe Group handling the operational aspects. Willkie Farr & Gallagher (UK) LLP acted as legal counsel for the transaction.
