Fidelis Insurance has taken an equity stake in a newly incorporated managing general agent (MGA), Aware Specialty Limited, which focuses on mortgage indemnity insurance.
Aware will be managed through Pine Walk Capital Limited, Fidelis’ subsidiary MGA platform, and will provide Fidelis with mortgage indemnity insurance capacity in return for underwriting support.
Giles Schofield has been appointed as head of Aware – a 35-year veteran of the re/insurance industry who established the reinsurance function for Genworth Financial’s European mortgage insurance entity in 2010.
He also implemented the sale of Genworth’s mortgage entity to AmTrust in 2016, and has previously held senior roles at a variety of broking and underwriting organisations, specialising in ART and capital management re/insurance programmes.
Dan Burrows, Chief Executive Officer (CEO) of Fidelis Underwriting Limited, said: “We are pleased to join forces with Giles and further our strategy in sponsoring bespoke underwriting products.
“This is the third MGA to join our MGA platform since its formation in November 2017 all with highly regarded underwriters. This demonstrates Pine Walk’s ability to attract talented niche underwriters who are ready to launch their own agency.”
Giles Schofield added: “There is a clear requirement for new, unencumbered, quality capacity in the mortgage insurance sector, which can better support the capital management needs of lending institutions in today’s market. Fidelis and Pine Walk have proven to be ideal partners in forming this new MGA that will provide a bespoke product.”
Based in Bermuda, Fidelis is a holding company that provides global specialty insurance and reinsurance products through its wholly-owned subsidiaries.
