Fidelis Insurance Group
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The move follows plans for a restructure of the carrier into a separate MGU and balance sheet. -
The reorganisation has cleared the first hurdle where many expected it to fall, but the balance sheet IPO was always going to be the harder exercise.
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The separation into an MGU and balance sheet has released far more value to investors than any other exit could have done.
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This publication broke the news in March that the Richard Brindle-led underwriting business was working on the radical company separation.
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The loss comes as rate rises decelerate in the class after several years of compound rate rises.
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Axa chairs the alliance, while Allianz, Aviva, Generali, Munich Re, Scor, Swiss Re and Zurich are all founding members.
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She was previously an investor relations senior manager at Swiss Re.
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Mark Herget joined Fidelis in April 2020 as an underwriter before being transferred to its Bermudan operation in November of the same year.
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The MGA has had a major impact on the marine market since its launch, writing a substantial amount of business.
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As the carrier looks to provide liquidity to its PE backers, it is examining a range of paths to reshuffle the investor base.
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Fidelis joined the contingency market in 2020 amid massive dislocation caused by Covid-19.
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The carrier added the class to its product offering in 2020 amid an expansion in specialty lines.
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