Bermuda-based Fidelis Insurance announced it has launched its first managing general agent (MGA), called Radius. The MGA will be run by Rob Ashton and will focus on niche specialty treaty excess of loss business, such as cyber, nuclear and personal accident retro.
Radius began writing business on Nov. 1, two months earlier than previously announced in July. Ashton joins from Hiscox Re where he was head of specialty.
Radius is the first MGA to be launched through Pine Walk Capital Ltd., a new Fidelis subsidiary, which is a London-based MGA investment and servicing platform for MGAs owned by Fidelis as well as those owned by other companies.
The platform includes the provision of premises, strategic support, IT and services such as human resources, financial and administration, said a Fidelis representative in an emailed statement. Pine Walk will also facilitate financing and deal flow, he added.
Pine Walk is being run by Rinku Patel, who brings a wealth of experience in the MGA and intermediary space, most recently at Hyperion Insurance Group, said Fidelis.
Richard Brindle, group chief executive officer of Fidelis, said: “We are delighted to have joined forces with Rob and Rinku furthering our strategy to sponsor specialist underwriting products. Rinku’s proficiency in managing MGAs together with our underwriting expertise, make Pine Walk a highly attractive destination for new or existing MGAs.”
Ashton added: “It has been a pleasure collaborating with Rinku and the Fidelis team in establishing Radius – especially in achieving this sooner than expected.”
Source: Fidelis Insurance Holdings Ltd.
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