Fidelis Insurance has bought an equity stake in a new Managing General Agent, Firestone Surety, and will be providing its underwriting capacity.
Firestone will focus on the small and medium-sized enterprises sector of the surety market and will be managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform.
Firestone will be head up by Andy Ray, who brings over 30 years’ experience in the surety industry and formed the surety broking division within Kerry London, as Managing Director, since 2008.
Dan Burrows, Chief Executive Officer of Fidelis Underwriting said; “we are delighted to have joined forces with Andy furthering our strategy to sponsor specialist underwriting products.
“Having someone of Andy’s calibre join our MGA platform is testament to the appeal that Pine Walk represents to talented niche underwriters looking to launch their own agency.”
Ray added; “I am pleased to partner with Fidelis and Pine Walk in forming this new MGA. There is a clear need for new capacity in the SME sector, supporting the bonding needs of main and sub-contractors.”
Ray started his surety career with College Hill Underwriters.
