M&A Deal Summary

Further Global and Travelers Companies Acquire Fidelis MGU

On July 25, 2022, private equity firm Further Global and Travelers Companies acquired insurance company Fidelis MGU from Fidelis Insurance

Acquisition Highlights
  • This is Further Global’s 5th and Travelers Companies’ 7th transaction in the Insurance sector.
  • This is Further Global’s 1st and Travelers Companies’ 1st transaction in Bermuda.

M&A Deal Summary
Date 2022-07-25
Target Fidelis MGU
Sector Insurance
Buyer(s) Further Global
Travelers Companies
Sellers(s) Fidelis Insurance
Deal Type Divestiture
Advisor(s) Mishcon de Reya (Legal)

Target

Fidelis MGU

Pembroke, Bermuda
Fidelis MGU is a specialty, bespoke, and (re)insurance business. Fidelis MGU is based in Pembroke, Bermuda.

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Buyer(S) 2

Buyer

Further Global

Category Private Equity Firm
Founded 2017
Size Large
Type Sector Focused
DESCRIPTION

Further Global Capital Management is a private equity firm firm focused on the financial services sector. The Firm looks to commit $75 to $200 million to support a variety of investment situations including growth capital needs, management led buyouts, ownership transitions, divestitures, sponsor sales, distress recapitalizations, and buy-and-builds. Further Global Capital Management was established in 2017 and is headquartered in New York City.

DEAL STATS #
Overall 12 of 12
Sector (Insurance) 5 of 5
Type (Divestiture) 1 of 1
Country (Bermuda) 1 of 1
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-18 Phaidon International

London, United Kingdom

Phaidon International is a professional services firm focused on identifying, sourcing, and securing business-critical talent to roles across more than 4,000 clients. Phaidon International was founded in 2004 and is based in London, England.

Buy -
Buyer

Travelers Companies

New York, New York, United States
Category Company
Founded 1853
Sector Insurance
Employees32,967
Revenue 41.4B USD (2023)
DESCRIPTION
Travelers office in Irvine, California.
Travelers office in Irvine, California.

Travelers Companies is an insurance provider of property casualty insurance for auto, home and business. Travelers Companies was founded in 1853 and is based in New York, New York.

DEAL STATS #
Overall 9 of 10
Sector (Insurance) 7 of 8
Type (Divestiture) 3 of 3
Country (Bermuda) 1 of 1
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-23 Trov

Danville, California, United States

Trōv is the world’s major insurance technology platform, enabling the new ways people live, work, and move. Its APIs and white-label software enable brands to rapidly deploy modern P&C insurance solutions in homes, renters, auto, pet, small businesses, and mobility. Trov was founded in 2012 and is headquartered in Danville, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-03 Corvus Insurance

Boston, Massachusetts, United States

Corvus Insurance is a provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. Corvus Insurance was formed in 2017 and is based in Boston, Massachusetts.

Buy $435M

Seller(S) 1

SELLER

Fidelis Insurance

Pembroke, Bermuda
Category Company
Founded 2014
Sector Insurance
Employees77
Revenue 3.6B USD (2023)
DESCRIPTION

Fidelis Insurance is a provider of insurance underwriting and reinsurance services. The Company underwrites specialty lines of insurance focused on energy, marine, property, aviation, and political risk out of Bermuda and London, with a balance between insurance and reinsurance. Fidelis Insurance was founded in 2014 and is based in Pembroke, Bermuda.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
Country (Bermuda) 1 of 1
Year (2022) 1 of 1
Mergr

Product

Company

Legal