Fidelis MGU reports 2023 results, major rebrand

GWP increase in the double-digits

Fidelis MGU reports 2023 results, major rebrand

Insurance News

By Kenneth Araullo

The Fidelis MGU, which is rebranding to The Fidelis Partnership, has revealed its financials for the year ending December 31, 2023.

For the fiscal year 2023, The Fidelis Partnership reported a gross written premium (GWP) of $3.6 billion, a 19% increase from the prior year. Growth was particularly notable in its specialty portfolio, which saw a 39% increase.

The composition of the GWP included 62% from specialty, 20% from bespoke, and 18% from reinsurance, prompting an underwriting performance with a combined ratio of 82%, an improvement of 9.8 points from 2022.

Additional highlights from 2023 included 43% growth in GWP for Pine Walk to $780 million. The firm maintained leadership positions in approximately 90% of its premium segments.

Alongside these achievements, the company unveiled its rebranding to The Fidelis Partnership effective March 28.

Richard Brindle, executive chairman and CEO, expressed satisfaction in the results.

“These results reflect a year of outstanding performance, including 19% growth in overall GWP due to strong rating environment and new business. We are also pleased to note the strong underwriting result reported by Fidelis Insurance Group which reported a combined ratio of 82%, demonstrating the strength of our aligned partnership model and the benefits of our dynamic, nimble and opportunistic trading approach,” Brindle said.

The company explained that the choice of the new brand name highlights Fidelis’ emphasis on collaboration across all facets of its operations, from partnerships with capacity providers to relationships with brokers and clients.

Brindle also outlined ambitious growth plans for 2024, aiming to expand the underwriting footprint of The Fidelis Partnership strategically.

“Central to these ambitions are our culture and our people, blending intellectual curiosity and collaboration with an environment that genuinely celebrates diversity. I want to thank my colleagues, our brokers and our partners in the market for their support; together, we look forward to building on our position as the leading independently owned MGA in the market,” Brindle said.

Elsewhere, Fidelis Insurance Group also published its financial results for 2023, revealing a nearly 4,000% surge in its attributable net income for the year.

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