Fidelis Insurance Takes Equity Stake in New MGA Perigon, Provides Capacity

Fidelis Insurance, the Bermuda-headquartered re/insurer, announced it has taken an equity stake in a new managing general agent (MGA) Perigon Product Recall Ltd., and will be providing underwriting capacity.

Perigon’s focus will be product recall and product contamination coverage for food and beverage producers, restaurant operations, auto manufacturers as well as a broad range of other recall classes of insurance. This will be managed through Pine Walk Capital Ltd., Fidelis’ subsidiary MGA platform.

The product will be available for global clients, a company representative said.

Ian Bailey will run London-based Perigon, bringing 20-plus years’ experience in the industry and 15 years specializing in the field of product recall and contamination. Beginning his career at Independent Insurance and then progressing to RSA, his focus on product recall began at AIG before moving to great success at XL Catlin and more latterly Hiscox.

Philip Vandoninck, executive head of Partnerships, said: “Ian brings extensive knowledge and experience of the Product Recall Market having worked for the most innovative market leaders in both company and Lloyd’s markets. We are delighted to support this new MGA and welcome Ian to the Pine Walk team.”

“Perigon is a huge opportunity to leverage my extensive relationships and experience of product recall insurance in a close working partnership with Fidelis and Pine Walk,” said Bailey.

“Our proposition is to provide market leading comprehensive solutions focused on first class service for our brokers and clients across a broad range of different product risks,” he added. We look forward to providing a flexible, consistent and empowered service to all of our customers.”

Source: Fidelis Insurance

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