Fidelis Insurance, the privately owned Bermuda-based holding company, has received approval from the Central Bank of Ireland to establish a regulated re/insurer in Dublin in preparation for the UK’s departure from the European Union in March 2019.
Fidelis Insurance Ireland DAC (FIID) has been approved to write bespoke and specialty insurance and reinsurance and will allow Fidelis to take advantage of opportunities in the European Economic Area, the company said.
Colm Lyons has been appointed as Chief Executive Officer (CEO) & Chief Underwriting Officer (CUO) of FIID, joining the firm from XL Catlin, where he most recently served as Chief Excess Casualty Officer in its Dublin office.
He has over 18 years of re/insurance experience and has previously held a number of senior roles in broking and underwriting at Marsh Ireland Limited, Axis Re, Willis Re and Allied World Assurance Holdings.
Robert Kelly has also been appointed as Chief Financial Officer (CFO) of FIID, joining from PartnerRe Ireland Insurance DAC where he was CFO, Head of External Reporting Europe and Group International Financial Reporting Standards (IFRS).
Prior to this, Kelly held roles at FFH Management Services (part of Fairfax Group), Aviva, and Pricewaterhouse Cooper.
Additionally, Alistair Brown will become Group Claims Manager & Head of Insurance Operations, Ireland. He joins Fidelis from Axis, where he was served since 2005, most recently as Head of Specialty Lines Claims for the combined AXIS International entities.
Finally, Fidelis has named James Brennan as Compliance/Risk Manager for FIID. Brennan was most recently Head of Group Compliance at Hiscox, before which he held management roles in internal audit at Hiscox and Brit Insurance.
“I am very pleased with the calibre of talent that we have attracted with Colm, Rob and the rest of the team,” said Richard Brindle, CEO of Fidelis Insurance. “Our Dublin office provides the certainty to our clients and brokers that we will continue to operate in the EEA irrespective of Brexit, and that there will be continuity of service on our agreements.”
“This is an important piece of our four-pillar strategy, ensuring that we can continue to grow our Continental book, particularly in specialty and bespoke insurance including our MGAs,” Brindle added.
Colm also commented: “I am delighted to join the Fidelis team. Fidelis’ underwriting expertise and clearly defined strategy, together with its ability to nimbly respond to market opportunities, distinguish it from its peers. I look forward to contributing to Fidelis’ success.”