Reinsurance News
Fidelis
Fidelis MGU hires new Head of HR and expands its Executive Committee
24th April 2023
Fidelis MGU has announced the appointment of Deborah Leen as Head of Human Resources (HR), where she will be based in London and will report to Rinku Patel, Group Chief Operating Officer and CEO of Pine Walk, effective immediately. At the same time, the company also confirmed that Leen will also ... Read the full article
Fidelis files preliminary IPO at undisclosed price
17th April 2023
Fidelis Insurance Holdings Limited, a Bermuda-based insurance and reinsurance holding company, has now filed a preliminary IPO prospectus with the U.S. Securities and Exchange Commission (SEC) as it looks to list its common shares on the New York Stock Exchange (NYSE). Back in January, Fidelis completed the creation of a ... Read the full article
Fidelis reports increased GWP & improved combined ratio in 2022
11th April 2023
In its 2022 full year results, Bermuda-based Fidelis Insurance Holdings Limited has reported that gross written premiums (GWP) increased to $3 billion compared to 2.78 billion in 2021, while the firm's combined ratio improved to 92.1% from 92.9%. Of the GWP total in 2022, $1.61 billion was made up of speciality ... Read the full article
Fidelis confirms IPO submission after MGU split
2nd March 2023
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has confirmed that it intends to pursue an initial public offering of its common shares, following the establishment of Fidelis MGU last month. The recent creation of the new managing general underwriter ‘bifurcated’ the business from Fidelis’ existing balance sheet ... Read the full article
AM Best affirms Fidelis ratings following separation from MGU
6th February 2023
AM Best has removed from under review with negative implications and affirmed the credit ratings of Fidelis Insurance Holdings Limited and its subsidiaries. AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of ... Read the full article
Travelers’ investment in Fidelis includes quota share arrangement
24th January 2023
US primary insurer Travelers has disclosed that its investment in Fidelis includes a 20% quota share arrangement, which its management says will allow the firm to "participate in the hard market." Travelers made a strategic minority investment in Bermudian re/insurer Fidelis in July of 2021, which came into effect on ... Read the full article
Fidelis completes MGU and balance sheet split
4th January 2023
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has completed its transaction to create a new managing general underwriter (MGU) separate from its existing balance sheet insurance companies. The deal was approved by regulators back in November and became effective as of January 3rd. Fidelis MGU will be located ... Read the full article
Fidelis promotes Charles Mathias to Deputy Chairman
15th December 2022
Bermuda-based insurance and reinsurance holding company Fidelis Insurance has announced a series of senior promotions, including the appointment of Charles Mathias as Deputy Chairman. Mathias was most recently Director of Underwriting, having started at the company in the role of Chief Risk Officer. He has nearly four decades of broking and ... Read the full article
Howden & Fidelis study shows ESG ratings lead to improved underwriting
2nd December 2022
A joint study between international insurance broker, Howden and leading specialty insurer and reinsurer, Fidelis, shows that higher ESG ratings lead to better underwriting performance. The study of loss ratios across 30,000 policies from both Howden and Fidelis’ datasets, comprising a premium value of around $9 billion against third party ESG ... Read the full article
Fidelis gets regulatory green light for MGU launch
28th November 2022
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has received regulatory approval from all relevant regulators to create a new Managing General Underwriter (Fidelis MGU), separate from its existing balance sheet insurance companies. Approvals or non-objections have now been received from the FCA and PRA in the UK, CBI ... Read the full article
Fidelis beefs up underwriting principles around sustainability
22nd September 2022
Fidelis has said that it is to extend its underwriting guidelines as part of its commitment to sustainability. The firm said that its new guidelines will cover both environmental and social topics under four ‘umbrella’ guidelines covering Environmental, Human and Labour Rights, Animal Welfare, and Rule of Law, in addition to ... Read the full article
Fidelis underwriting separation will limit its competitive position in the market: S&P
10th August 2022
Following the announcement that Bermuda-based re/insurer Fidelis will delegate its underwriting authority to newly created Fidelis Managing General Underwriter (Fidelis MGU), S&P Global Ratings has revised the re/insurer outlook to stable from positive. As Fidelis is delegating all its underwriting to Fidelis MGU and that Fidelis Balance Sheet Companies will exclusively ... Read the full article
Fidelis becomes a member of ClimateWise
4th August 2022
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited has announced that it has become a member of ClimateWise. ClimateWise represents a global network of leading insurers, reinsurers, brokers and industry service providers. Additionally, ClimateWise shares a commitment to lead the industry in responding to the risks and opportunities of climate ... Read the full article
AM Best puts Fidelis under negative review after MGU launch
1st August 2022
AM Best has placed the financial strength ratings of Fidelis and its subsidiaries under review with negative implications, following last week’s announcement that Fidelis plans to set up a new managing general underwriter. Provided regulatory approval is received, Fidelis MGU will be separated from the existing Fidelis companies and will ... Read the full article
Fidelis launches new MGU as it looks to separate its business
25th July 2022
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has announced the impending creation of a new managing general underwriter, which will be separated from its existing balance sheet carriers, called Fidelis MGU. According to Fidelis, the new structure enables each entity to focus on its core functions and specialisms, ... Read the full article
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