Fidelis
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The appointment comes soon after the rebranding of the Richard Brindle-led business.
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Lloyd’s gains leadership, and The Fidelis Partnership gets capital diversification.
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The syndicate will be Asta managed and have capacity from Hampden Names.
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The exit comes after Fidelis restructured into two separate firms.
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The MGU is exploring additional third-party capital relationships.
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The underwriter was overseeing MGA Kersey Specialty’s pivot to renewables.
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The firm’s growth focus for 2024 will be in property D&F.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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Losses were driven by the Viasat-3 satellite failure, the Sudan conflict and D&F events.
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The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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The senior energy underwriter exited amid a strategic pivot at the MGA.
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The Fidelis underwriting unit’s Paul Calnan and Danny Joyce are set to depart.
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John Symms had been at the firm since 2020 and previously worked at Talbot.
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The executive’s career includes stints at Acappella and Amlin.
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The executive will retain his role as European CUO alongside the new position.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The MGA will be Fidelis MGU subsidiary Pine Walk’s eighth launch.
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Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International.
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The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.
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The carrier will aim to reduce its emissions by up to 49% by 2030.
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Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.
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The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.
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The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.
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Fidelis shares closed down from the $14 per share price set for the IPO, or a 0.8x multiple of its $17.19 book value per share at end of Q1 2023.
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The carrier stands to raise $210mn from the offering.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The carrier has set its IPO price at between $16 and $19 per common share, and will trade on the New York Stock Exchange under the ticker FIHL.
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The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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The insurer plans to be listed on the New York Stock Exchange.
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The Irish subsidiary boosted its top-line growth by 58% during the year as it took advantage of market dislocation.
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Alignment mechanisms include MGU’s 9.9% stake in balance sheet, personal MGU management stake and a significant profit commission.
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The senior exits come a matter of months after the business was created in a landmark transaction.
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