Fidelis Insurance Group

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.

The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.

Authorities in the UK, Ireland, Belgium and Bermuda have rubberstamped the ambitious restructure.

Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.

The carrier pushed London brokers for a reduction in the traditional 15% commission.

Staff movement remains high in the class of business, which has seen a turnaround in performance.

The carrier has put in place further curbs on metallurgical coal, tar sand extraction and fracking.