It’s official – Fidelis MGU has arrived, following completion of the transaction establishing the new managing general underwriter that is separate from Fidelis Insurance Holdings Limited and the existing companies collectively known as Fidelis Insurance Group.
With offices in Bermuda, the UK, and Ireland, Fidelis MGU is led by chair & group chief executive Richard Brindle. Executive committee members include deputy chair & group executive director Charles Mathias, group chief financial officer Hinal Patel, insurance CEO & UK chief underwriting officer Richard Coulson, and group chief operating officer Rinku Patel. The latter will, at the same time, serve as chief executive for the UK and of managing general agent platform Pine Walk.
Also members of the Fidelis MGU executive committee are group general counsel & group company secretary Michael Cottell, strategic relationships head Jonny Creagh-Coen, co-deputy UK CUO & group head of direct & facultative and energy Michael Davern, reinsurance CEO Richard Holden, group head of financial planning & analysis Robert Kelly, and Bermuda boss Philip Vandoninck. Kelly’s other positions are CEO and CFO for Ireland, while Vandoninck has the added remit of chief executive at special-purpose insurer Socium.
Fidelis MGU – which has a 9.9% stake in Fidelis Insurance Group – is backed by principal equity investors Capital Z Partners, The Travelers Companies, Blackstone, Further Global Capital Management, and Alfa Insurance, while Brindle and his team are significant shareholders.
“We are delighted to announce the completion of this intelligent and ground-breaking transaction,” said Brindle. “It has been an extraordinary effort by both entities, supported by outstanding advisors. We really believe this positions us to be leaders in an exciting market today and for the long term.
“The MGU can now focus on the core competencies in underwriting, claims handling, reinsurance structuring, and, above all, innovation of new products, supported by our market-leading proprietary technology tools. We look forward to continuing and growing our relationships with brokers and clients by providing the highest standards of service and the most thoughtful deployment of capacity in the market.”
Meanwhile the separate Fidelis Insurance Group, the capital structure of which will be retained, is headed by group CEO Dan Burrows, group COO Denise Brown-Branch, group CFO Allan Decleir, group chief risk officer Mike Pearson, group CUO Ian Houston, group chief investment officer David Smith, and group chief actuary Jonny Strickle.
“The new structure and partnership between Fidelis Insurance Group and Fidelis MGU will be highly beneficial to all stakeholders and provides an evolved capital, risk, and distribution model,” commented Burrows. “Our team of over 75 professionals at Fidelis Insurance Group is very experienced and has superior underwriting, risk management, claims, investment, and actuarial knowledge.
“We are committed to generating excellent returns while doing the right thing for our people, our customers, our shareholders, and for the broader societies we work in. I and my team look forward to working closely with Richard and the MGU team as we move forward.”
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