Fidelis Insurance Group
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Several Lloyd’s syndicates are also now providing cover for the federal insurer. -
Plus, the latest people moves and all the top news of the week.
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After outsized losses, the (re)insurer still sees opportunity in a softening market.
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The reinsurance loss ratio improved by over 20 points with no notable cat losses for the quarter.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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The new recruit will report to group CUO Ian Houston.
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Plus, the latest people moves and all the top news of the week.
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Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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How is The Fidelis Partnership choosing to launch into new insurance classes as it rapidly expands?
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The event was co-hosted by The Fidelis Partnership and IDA Ireland.
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The carrier said it is disappointed with the English High Court’s decision.
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She will continue to work with the executive team on key projects and initiatives.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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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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The MGA will be Pine Walk’s 13th start-up.
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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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The IG’s $3.1bn reinsurance tower is facing double-digit pricing increases in the wake of the Baltimore bridge disaster.
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The announcement comes a week after the launch of international property MGA Seraphina.
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Kelly Sanders has returned to the Fidelis group to lead the unit.
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The executive spent 18 years in various finance roles at Arch.
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Negligence must be proved to cover any loss of life for passengers under P&I cover.
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The carrier also reported more difficulty than anticipated in realizing the value of collateral following the defaults.
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The losses were driven by events in property D&F, particularly tornadoes.
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It will be led by Valeria Del Villano, who was head of international renewables at AIG.
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The firm has hired from Probitas, Tamesis Dual and Aegis for the cells.
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Syndicate 3123’s opening is “the largest-ever launch of a Names-sponsored syndicate in Lloyd’s”.
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The shares are being sold by select shareholders in the group.
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Along with D&F, Fidelis is looking to grow in marine construction and aviation.
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The company’s results come less than two months after announcing its Lloyd’s syndicate.
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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.
