Fidelis Insurance announced that it is further developing its niche specialty offerings by sponsoring a new managing general agent that focuses on specialty reinsurance.
Fidelis said it will be providing investment and cornerstone capacity for the MGA, which is expected to start writing business in January 2018.
The Bermuda-based company is sponsoring Rob Ashton “in his aspirations to establish an MGA in partnership with Nexus,” said Fidelis in a statement.
Ashton will join the Fidelis team in July upon completion of his notice as head of Specialty at Hiscox Re Specialty, and write on Fidelis’ account until the MGA is established.
“We are pleased to sponsor someone of Rob’s caliber. Rob has earned a strong reputation in this area and has demonstrated innovation and success. We look forward to working with him in expanding our interests in this specialism,” said Dan Burrows, chief executive officer UK, for Fidelis.
“Given prevailing market conditions, Fidelis has seen limited opportunities for profitable mainstream specialty business,” said Richard Coulson, head of Specialty Underwriting, Fidelis.
“As a result, we have supplemented our book by finding ways to add innovation and value, and have compiled a substantial complementary book of more niche specialty line business,” he added. “It has been a natural progression to combine this with our well-developed reinsurance portfolio and expand into niche specialty reinsurance.”
Source: Fidelis Insurance
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