Fidelis Insurance Group

How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.

Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.

George Green has been a war and terrorism underwriter at Fidelis since March 2021.

The decision is in line with the responses from AM Best and Moody’s over the company’s reorganisation plan announced July.

The ratings agency said the proposed restructure posed execution risk, but regulatory approval would alleviate short-term uncertainty.

Class underwriter for marine hull and war at Talbot AIG, Hugo Lewis, has resigned to take up a position in the marine team at Fidelis, Insurance Insider can reveal.

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.

The separation into an MGU and balance sheet has released far more value to investors than any other exit could have done.

This publication broke the news in March that the Richard Brindle-led underwriting business was working on the radical company separation.

The loss comes as rate rises decelerate in the class after several years of compound rate rises.

Axa chairs the alliance, while Allianz, Aviva, Generali, Munich Re, Scor, Swiss Re and Zurich are all founding members.