Fidelis Insurance has revealed plans to expand its capabilities in the niche specialty reinsurance sector by backing Hiscox Re executive, Rob Ashton’s plans to establish a managing general agent (MGA) in partnership with Nexus.
Fidelis has announced that it will sponsor Ashton’s new entity, which is expected to start writing business in January 2018 and that will focus on niche specialty reinsurance business, by providing “investment and cornerstone capacity.”
Ashton currently holds the position of Head of Specialty at reinsurer Hiscox Re Specialty, but is expected to join the Fidelis team in July, 2017. After joining Fidelis and prior to the establishment of the MGA, Ashton will write on Fidelis’ account, according to the firm.
Chief Executive Officer (CEO) of Fidelis UK, Dan Burrows, said; “We are pleased to sponsor someone of Rob’s calibre. Rob has earned a strong reputation in this area and has demonstrated innovation and success. We look forward to working with him in expanding our interests in this specialism.”
Richard Coulson, Head of Specialty Underwriting, Fidelis, added; “Given prevailing market conditions, Fidelis has seen limited opportunities for profitable mainstream specialty business. As a result, we have supplemented our book by finding ways to add innovation and value, and have compiled a substantial complementary book of more niche specialty line business. It has been a natural progression to combine this with our well-developed reinsurance portfolio and expand into niche specialty reinsurance.”