Fidelis Insurance Group
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Binding insurers include Chubb and AIG, with reinsurance from Munich Re. -
Richard Coulson, Richard Holden and Philip Vandoninck will all take on more senior roles.
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After reaching $100mn in premiums, the carrier is now looking to bring on other paper providers to support its MGA incubator.
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The Fidelis UK CEO will run Syndicate 2121 and SPA 6134.
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The counter-cyclical carrier attacked specialty lines in 2020, more than quadrupling GWP.
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Plus the inside story on the Helios Ray crash and all this week’s top news.
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IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The move from Fidelis to hand back $275mn of capital is rare in a "use it or lose it" world, but what does this say about the direction of the retro market?
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
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Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.
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