Fidelis Insurance has announced the creation of a new specialty joint venture with Rob Ashton, former head of specialty at Hiscox Re Specialty, that will have a strong focus on the cyber reinsurance market.
The new venture will begin writing business from January 1st, 2018, with a focus on niche specialty excess of loss business, and in particular the expanding cyber reinsurance market. According to an announcement, Fidelis will provide the working capital and the cornerstone capacity for the new joint venture, which is in partnership with Rob Ashton.
Ashton has joined the firm from Hiscox Re Specialty, where he spent the last four years as head of the company’s specialty unit. Ashton joins Fidelis as a specialty reinsurance underwriter, and has extensive experience providing innovative reinsurance solutions for niche markets. Prior to launch and while the new venture is being finalised, Ashton will underwrite on Fidelis’ account.
Commenting on his new role, Ashton said; “This is an exciting new chapter in my career. Partnering with Fidelis has been a refreshing experience. They have been very receptive to my ideas and we both share the same vision which will enable us to build truly dynamic and profitable business.”
Group Chief Executive Officer (CEO) of Fidelis Insurance, Richard Brindle, said; “The creation of this venture, signals the beginning of our strategy to identify and attract specialist underwriting talent with innovative and closely defined products. Our unique market vision and entrepreneurial pedigree will mean that we will be a high value destination for these underwriters.”