Fidelis Insurance, the privately owned Bermuda-based holding company, has rebranded its partnership business as Socium, and named Philip Vandoninck as its Chief Executive Officer (CEO).
Socium, which will manage Fidelis’ third-party reinsurance capital activities, was rebranded to align with the company’s sidecar vehicle, Socium Re.
Fidelis explained that the move was part of its four pillar strategy, and said it would assign a dedicated resource framework to the Socium function of the business.
Vandoninck will also have a designated team to assist with the servicing of existing relationships, as well as developing new ones, and the provision of enhanced reporting.
“I am delighted to take on this role as we increase our focus on our risk allocation capabilities,” said Vandoninck. “Fidelis has the ability to access business in excess of its own balance sheet appetite.”
“Fidelis’ partners can benefit from its underwriting outperformance and Fidelis’ access to a diversified portfolio of business, from property reinsurance to bespoke and specialty classes,” he continued.
“Fidelis adopts a tailored partnership approach with rated carriers as well as third party capital investors, and offers partners the opportunity to support a broad range of product lines if desired.”
Richard Brindle, Chairman and Group CEO of Fidelis, also commented: “Philip has ably demonstrated his underwriting and business acumen. He has been integral to the success and growth of our partnership pillar. I am pleased to confirm his appointment to this role.”
