Lloyd’s specialist insurer, Novae Group, announced that it has entered into a quota share reinsurance agreement with Fidelis Insurance Bermuda Limited (FIBL) to cover Syndicate 2007’s US Property Catastrophe Treaty excess of loss portfolio for 2017.
Robert Forster, Chief Underwriting Officer at Novae, said; “I am pleased to announce this strategic partnership with Fidelis through a reciprocal quota share of our respective US Property Catastrophe Treaty portfolios.
“It provides greater balance to our business as we deliver our broader strategy. Fidelis is an excellent long-term partner and shares our focus on expert underwriting and delivering innovative solutions for the benefit of our customers.”
Richard Holden, Head of North American Underwriting at FIBL, added; “We have great respect for the Lloyd’s market and the continuity Novae has offered their clients over a sustained period of time.
“This partnership will enable both entities to optimize their portfolios and benefit from combined expertise. Accessing London Treaty Reinsurance through an established team and portfolio is in line with Fidelis’ long term strategy.”
Novae had previously considered strategic options for its U.S. property catastrophe underwriting segment, so the backing of Fidelis in the quota share agreement means the specialist insurer will be able to keep both feet planted in U.S. property underwriting. Fidelis meanwhile gains access to a new source of risk for its reinsurance portfolio, following in the fortunes of Novae’s underwriting prowess.