Fidelis Insurance coverage Holdings Restricted (Fidelis), a holding firm that gives property, bespoke, and specialty insurance coverage and reinsurance merchandise globally, has introduced its creation of a brand new managing normal underwriter, topic to regulatory approval.
The brand new enterprise, known as Fidelis MGU, will see Fidelis separate itself from the prevailing stability sheet insurance coverage corporations – the Fidelis Stability Sheet Firms – to concentrate on its core capabilities and specialisms and supply shoppers, brokers, and stakeholders with continued industry-leading service. As a part of the separation, it’s going to present a complete vary of companies to Fidelis Stability Sheet Firms whereas retaining its underwriters and attracting extra expertise throughout the broader Fidelis enterprise.
Fidelis goals to make Fidelis MGU one of many largest managing normal underwriters globally by originating and underwriting over US$3 billion of gross written premium (GWP) throughout a variety of specialty insurance coverage and reinsurance lessons of enterprise. Its principal fairness buyers are Capital Z Companions, The Vacationers Firms, Inc., Blackstone, Additional International Capital Administration and Alfa Insurance coverage – with Blackstone main the debt financing.
Richard Brindle will act because the chairman and chief govt officer (CEO) of Fidelis MGU. He has constructed his underwriting profession with steady capital suppliers’ assist – from Tarquin to Lancashire and now, Fidelis.
“We’re delighted to announce this ground-breaking transaction. The stability sheet corporations could have entry to our market-leading underwriting expertise and danger origination, with applicable buildings in place to make sure alignment,” Brindle stated. “Constructed on the most effective expertise available in the market, we’re creating an MGU platform that can generate engaging returns for the shareholders of each separated companies.
“Our success might be outlined by the continued supply of underwriting outperformance, aligned with our long-term philosophy of writing insurance coverage and reinsurance in areas the place deep experience is required to ship via the cycle. We sit up for the beginning of a long-term and profitable partnership between the businesses.”