Global re/insurance company Fidelis Insurance Group has announced the appointment of Aoife Woulfe to the role of Head of Underwriting, Ireland.
She will be based in Dublin and report to Group Chief Underwriting Officer, Ian Houston.
Woulfe joins Fidelis after ten years at Tokio Marine Kiln (TMK), where she most recently served as Head of Delegated Cyber Underwriting.
She joined TMK in 2014 as a Graduate Trainee Underwriter, she was later appointed Cyber & Intellectual Property Underwriter before becoming Head of Intellectual Property (Underwriting).
Woulfe joins the company shortly after Fidelis Insurance Holdings Limited announced its financial results for Q1 2024, reporting gross premiums written (GPW) growth but also large catastrophe losses in the quarter.
Fidelis reported $1.5 billion in GPW for the quarter, an increase of 21.6% compared to Q1 2023. Underwriting income for Q1 2024 was $69.2 million, with a combined ratio of 85.8%, compared to $80.6 million and 79.1%, respectively, For the prior year quarter.
Catastrophe and large losses increased by more than 360% to $103 million in Q1 2024, although this was somewhat offset by an increase in net favourable prior year reserve development to $67 million, compared with $2.1 million in Q1 2023.
According to the re/insurer, its combined ratio deteriorated as a result of the higher catastrophe load, but remains strong.
