Oaktree-Backed Insurer Seeks $2 Billion, IPO Within Five Years

Oaktree Capital Group LLC is among investors backing a Bermuda insurance venture that’s seeking to raise $2 billion with plans for an initial public offering within five years.

Fidelis Insurance Holdings Ltd. is led by Richard Brindle, the former chief executive officer of Lancashire Holdings Ltd., according to a document from New York-based Goldman Sachs Group Inc. pitching the venture to investors. Founding investors including Crestview Partners, Pine Brook and Howard Marks’s Oaktree are expected to buy a quarter of Fidelis’s common equity, the document shows.