Fidelis Insurance Group

Ben Fortune joined Fidelis in 2015 as an underwriter, later becoming head of international reinsurance in 2020.

The MGU’s insurance head Richard Coulson said the firm’s ability to offer equity was helping to attract talent.

The income figure makes the MGA amongst the largest marine underwriters in London in its first full year of underwriting.

The insurance group is being advised by JP Morgan and Barclays Capital.

The ratings agency also affirmed the financial strength rating of A and the long-term issuer credit rating of “a” for Fidelis and its subsidiaries.

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.

Plus our take on the BMS/Eurazeo deal and all the top news of the week.

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.

Matthew Bellamy becomes director of underwriting, while Michael Davern joins the executive committee.

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.  

Mark Noble’s appointment comes two months after he left Liberty Specialty Markets alongside aviation war underwriting manager Mike Hart.