Travelers takes stake in Bermuda insurer

Travelers Cos. Inc. said Wednesday it has made minority investment in privately owned Bermuda-based specialty insurer and reinsurer Fidelis Insurance Holdings Ltd.

Terms of the transaction were not disclosed.

Fidelis launched in 2015 and has an investment management arm in addition to its underwriting units.

According to an investor presentation, it underwrites a range of specialty insurance lines, including transactional liability, credit and political risk, marine, aviation, energy and contingency risks. In addition, it underwrites property catastrophe reinsurance, retrocessional reinsurance and it is involved in the insurance-linked securities market.

In 2020, it reported gross written premium of $1.58 billion and a 78.6% combined ratio.