Fidelis MGU, which will rebrand to “The Fidelis Partnership” on the 28th of March, has revealed gross written premium (GWP) grew by 19% to $3.6 billion in 2023, including 39% growth in its Specialty portfolio.
According to the firm, GWP is comprised of 62% Specialty, 20% Bespoke and 18% Reinsurance.
Fidelis also reported a strong underwriting performance in 2023, which was reflected in its 82% combined ratio for the year, marking an improvement of 9.8 points from 2022.
Richard Brindle, executive chairman and CEO of Fidelis MGU, explained that this first set of results since the bifurcation “represents a major milestone” for Fidelis MGU.
“These results reflect a year of outstanding performance, including 19% growth in overall GWP due to a strong rating environment and new business. We are also pleased to note the strong underwriting result reported by Fidelis Insurance Group which reported a combined ratio of 82%, demonstrating the strength of our aligned partnership model and the benefits of our dynamic, nimble and opportunistic trading approach,” Brindle explained.
He continued, “On choosing our new brand, we wanted to emphasise how collaboration runs through every aspect of our business, from our enduring partnership with our core capacity partner, through to our long-term relationships with brokers and clients.
“The Fidelis Partnership reflects our commitment to all our stakeholders as well as the multifaceted nature of our business, which extends far beyond that of a conventional MGU to encompass outwards reinsurance, claims handling, exposure management and portfolio analytics and optimisation.
“Looking forward, 2024 will be another year of strong growth for The Fidelis Partnership, with plans to strategically expand our underwriting footprint. Central to these ambitions are our culture and our people, blending intellectual curiosity and collaboration with an environment that genuinely celebrates diversity.
“I want to thank my colleagues, our brokers and our partners in the market for their support; together, we look forward to building on our position as the leading independently owned MGA in the market.”
