Hybrid insurer and reinsurer Fidelis launches

Bermuda-based Fidelis Insurance Holdings Ltd. is launching as a hybrid insurer and reinsurer after raising capital worth $1.5 billion, reported Artemis.bm.

"Fidelis will pursue a total return strategy by tactically shifting capital and risk between insurance and investments to maximize our return on equity across market cycles," said Fidelis CEO Richard Brindle.

We believe that others will follow this hybrid model, "as we strongly believe it will be very good for the industry, resulting in more responsible and less volatile underwriting," added Mr. Brindle.

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