Fidelis Insurance, the total-return style insurance and reinsurance start-up launched by ex-Lancashire executives Richard Brindle and Neil McConachie, has announced that Hinal Patel will succeed McConachie in the role of Chief Financial Officer.
McConachie was announced as stepping down from the Chief Financial Officer role for personal reasons back in January, although he is not leaving the company completely and will stay on the board as a non-executive director.
Patel is currently Fidelis’ Group Chief Actuary and emerged as the selected candidate for the CFO role after an extensive search. Patel was previously Chief Actuary for Catlin in Bermuda.
Richard Brindle, Group Chief Executive Officer, commented on the appointment; “Hinal brings a deep understanding of Fidelis’ business, reserving and capital management which aligns with the strategic role of the CFO. Most importantly he understands underwriting, which is vital as we continue to pursue growth opportunities. The Board and I fully support his promotion into this role.”
McConachie added; “Hinal has clearly demonstrated his capabilities since joining Fidelis as Group Chief Actuary. I look forward to working closely with him over the coming months, and will remain on in a consulting capacity until December 2017, to ensure a smooth transition.”
