Fidelis Insurance, the total-return style insurance and reinsurance start-up launched by ex-Lancashire executives Richard Brindle and Neil McConachie has lost one of its founders, as McConachie has been announced as stepping down from the Chief Financial Officer role.
McConachie, who partnered with Richard Brindle to launch Fidelis in 2015, is leaving for personal reasons, but will remain on the Board of Fidelis Insurance Holdings Limited, the holding company, as a Non-Executive Director.
Richard Brindle commented on the announcement; “I am sad that Neil will be leaving the management team, and will miss him, but respect his decision. He has been a driving force behind the establishment of Fidelis and quite frankly I couldn’t have done it without him. I am delighted that he will stay on the board as a non-executive director.
“Fidelis is now an established and respected company but we always need smart people’s advice and counsel, and I will certainly consult him frequently on strategic matters.”
McConachie added; “I’m very proud to have founded Fidelis with my friend Richard. The project began some time ago and it’s been a hectic few years. Now the company is successfully established, I want to step back from day to day management. I’m very much looking forward to continuing as a Director, helping shape the future strategy and direction of this great business.”
Fidelis, a Bermuda based insurance and reinsurance firm, raised $1.5 billion at its launch, with a strategy focused on underwriting and investing, in search of a market-beating total-return.
