Fidelis
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The carrier argued that, because the sum it was being sued for was significant – $95mn in the all-risk case and $240mn in the war risk case – it should be allowed to represent itself. -
According to sources, Daniel O’Connell will join Fidelis MGU as head of bespoke.
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Plus our take on the BMS/Eurazeo deal and all the top news of the week.
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Fidelis MGU will hold a 9.9% stake in the roughly $2bn balance sheet to create alignment, while Richard Brindle and management retain meaningful stakes in both businesses.
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Matthew Bellamy becomes director of underwriting, while Michael Davern joins the executive committee.
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Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.
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Mark Noble’s appointment comes two months after he left Liberty Specialty Markets alongside aviation war underwriting manager Mike Hart.
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The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.
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Authorities in the UK, Ireland, Belgium and Bermuda have rubberstamped the ambitious restructure.
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Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.
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The carrier pushed London brokers for a reduction in the traditional 15% commission.
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Staff movement remains high in the class of business, which has seen a turnaround in performance.
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