Fidelis Insurance announced it has taken an equity stake in a new managing general agent (MGA) Firestone Surety Ltd., and will provide underwriting capacity.
Details about the amount of Fidelis’ investment and capacity provision were not released.
London-based Firestone will focus on the small and medium-sized enterprises sector of the surety market and will be managed through Pine Walk Capital Ltd., Fidelis’ subsidiary MGA platform in London. The formation of Pine Walk was announced in November.
Firestone will be run by Andy Ray, who brings over 30 years’ experience in the surety industry, and formed the surety broking division within Kerry London, as managing director, since 2008. Ray started his surety career with College Hill Underwriters and was instrumental in forging a new underwriting relationship with Euler Hermes Kreditversicherungs AG (now represented by Euler Hermes UK plc in the UK, the world’s biggest credit insurance group).
“We are delighted to have joined forces with Andy furthering our strategy to sponsor specialist underwriting products,” said Dan Burrows, chief executive officer of Fidelis Underwriting Ltd. “Having someone of Andy’s caliber join our MGA platform is testament to the appeal that Pine Walk represents to talented niche underwriters looking to launch their own agency.”
“I am pleased to partner with Fidelis and Pine Walk in forming this new MGA,” said Andy Ray. “There is a clear need for new capacity in the SME sector, supporting the bonding needs of main and sub-contractors.”
Source: Fidelis Insurance
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