Fidelis Insurance Group
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The company has settled, or is in the settlement stage, for 80% of the exposure. -
The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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Erik Manning is joining the business from BMS as head of ceded reinsurance.
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Jonny Strickle became the group chief actuarial officer for the carrier in 2023.
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The firm projects losses from the fires at between $160mn-$190mn.
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The group's reinsurance book was also hit with cat losses during the quarter.
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In tandem, it pegged its net cat loss estimate from California wildfires at $160mn-$190mn.
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After one good year, giving back margin now will be “inexcusable”, the executive said.
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The partnership is Fidelis Insurance Group’s first third-party capacity deal.
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Cat losses increased 14.6% to $91.6mn, driven by Hurricane Helene and Storm Boris.
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The marine underwriter said the business had grown through taking “very big positions” on programmes.
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