Fidelis Insurance has announced the appointment of group chief actuary Hinal Patel as the new finance chief of the specialty insurer.

 

Patel will take up his new role on June 30 after emerging as the strongest candidate to replace departing CFO Neil McConachie.

 

“Hinal brings a deep understanding of Fidelis’s business, reserving and capital management which aligns with the strategic role of the CFO,” said group CEO Richard Brindle. “Most importantly he understands underwriting, which is vital as we continue to pursue growth opportunities.”

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Over the coming months, Patel will work closely with McConachie, who is staying in the company in a consulting capacity until December 2017 to ensure a smooth transition.

 

“Hinal has clearly demonstrated his capabilities since joining Fidelis as group chief actuary,” McConachie said of his successor.

 

McConachie, who founded Fidelis with Brindle in 2015, resigned from his post earlier this year due to personal reasons. In an earlier statement, he revealed that he wanted to “step back from day to day management.”

 

Despite the impending departure, Brindle said he will frequently consult McConachie on strategic matters.

 

“He has been a driving force behind the establishment of Fidelis and quite frankly I couldn’t have done it without him,” Brindle previously said.