Fidelis Insurance Group

The underwriter was overseeing MGA Kersey Specialty’s pivot to renewables.

The firm’s growth focus for 2024 will be in property D&F.

The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.

Losses were driven by the Viasat-3 satellite failure, the Sudan conflict and D&F events.

The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.

SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.

The senior energy underwriter exited amid a strategic pivot at the MGA.

The Fidelis underwriting unit’s Paul Calnan and Danny Joyce are set to depart.

John Symms had been at the firm since 2020 and previously worked at Talbot.

The executive’s career includes stints at Acappella and Amlin.

The executive will retain his role as European CUO alongside the new position.

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.