Fidelis
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Lloyd’s gains leadership, and The Fidelis Partnership gets capital diversification.
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The syndicate will be Asta managed and have capacity from Hampden Names.
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The exit comes after Fidelis restructured into two separate firms.
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The MGU is exploring additional third-party capital relationships.
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The underwriter was overseeing MGA Kersey Specialty’s pivot to renewables.
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The firm’s growth focus for 2024 will be in property D&F.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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Losses were driven by the Viasat-3 satellite failure, the Sudan conflict and D&F events.
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The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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The senior energy underwriter exited amid a strategic pivot at the MGA.
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The Fidelis underwriting unit’s Paul Calnan and Danny Joyce are set to depart.
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John Symms had been at the firm since 2020 and previously worked at Talbot.
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The executive’s career includes stints at Acappella and Amlin.
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The executive will retain his role as European CUO alongside the new position.
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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.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The MGA will be Fidelis MGU subsidiary Pine Walk’s eighth launch.
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Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International.
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The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.
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The carrier will aim to reduce its emissions by up to 49% by 2030.
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Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.
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The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.
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The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.
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Fidelis shares closed down from the $14 per share price set for the IPO, or a 0.8x multiple of its $17.19 book value per share at end of Q1 2023.
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The carrier stands to raise $210mn from the offering.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The carrier has set its IPO price at between $16 and $19 per common share, and will trade on the New York Stock Exchange under the ticker FIHL.
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The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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The insurer plans to be listed on the New York Stock Exchange.
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The Irish subsidiary boosted its top-line growth by 58% during the year as it took advantage of market dislocation.
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Alignment mechanisms include MGU’s 9.9% stake in balance sheet, personal MGU management stake and a significant profit commission.
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The senior exits come a matter of months after the business was created in a landmark transaction.
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The carrier set out a string of defences in the $3.5bn suit.
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The number of common shares to be offered and the price range for the proposed offering have not yet been determined.
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Ben Fortune joined Fidelis in 2015 as an underwriter, later becoming head of international reinsurance in 2020.
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The MGU’s insurance head Richard Coulson said the firm’s ability to offer equity was helping to attract talent.
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The income figure makes the MGA amongst the largest marine underwriters in London in its first full year of underwriting.
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The insurance group is being advised by JP Morgan and Barclays Capital.
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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.
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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.
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According to sources, Daniel O’Connell will join Fidelis MGU as head of bespoke.
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Plus our take on the BMS/Eurazeo deal and all the top news of the week.
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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.
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Matthew Bellamy becomes director of underwriting, while Michael Davern joins the executive committee.
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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.
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Mark Noble’s appointment comes two months after he left Liberty Specialty Markets alongside aviation war underwriting manager Mike Hart.
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The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.
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Authorities in the UK, Ireland, Belgium and Bermuda have rubberstamped the ambitious restructure.
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Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.
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The carrier pushed London brokers for a reduction in the traditional 15% commission.
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Staff movement remains high in the class of business, which has seen a turnaround in performance.
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The carrier has put in place further curbs on metallurgical coal, tar sand extraction and fracking.
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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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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.
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George Green has been a war and terrorism underwriter at Fidelis since March 2021.
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The decision is in line with the responses from AM Best and Moody’s over the company’s reorganisation plan announced July.
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The ratings agency said the proposed restructure posed execution risk, but regulatory approval would alleviate short-term uncertainty.
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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.
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The move follows plans for a restructure of the carrier into a separate MGU and balance sheet.
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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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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The executive, who joined Fidelis in 2017, will continue in her role as group head of contract wordings.
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Matthew Bellamy has also been promoted to head of property reinsurance at Fidelis Underwriting Limited.
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The appointment follows a period of substantial expansion in marine by the Richard Brindle-led carrier.
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The insurance market has the potential to become a “significant influencer” in combatting modern slavery, according to the independent anti-slavery commissioner Dame Sara Thornton.
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The new operation, labelled ‘the forum’ will be a trading hub for Fidelis and its MGA platform, Pine Walk Capital
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CEO Richard Brindle calls for pricing corrections to reflect climate change and exposure growth.
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The Richard Brindle-led carrier has undergone a major expansion in specialty lines.
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Plus all the highlights from the Reconnect conference and the week’s top news.
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The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
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The new hire joins after working in similar roles for Standard Chartered and Aviva.
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Former group portfolio manager Phillip Murfet will become CRO
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CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
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With a strategic and a sovereign wealth fund on the register, the (re)insurer has options to find liquidity for its PE backers.
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The buy-in from the blue-chip US insurer is a coup for the expansive London market and Bermuda (re)insurer.
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The Fidelis CEO says sector should recognize the "storm clouds" of what he dubbed the 5 C's.
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New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
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Plus in-depth analyses of the accident and health and airlines markets.
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Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
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Richard Coulson, Richard Holden and Philip Vandoninck will all take on more senior roles.
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After reaching $100mn in premiums, the carrier is now looking to bring on other paper providers to support its MGA incubator.
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The Fidelis UK CEO will run Syndicate 2121 and SPA 6134.
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The counter-cyclical carrier attacked specialty lines in 2020, more than quadrupling GWP.
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