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Fidelis Försäkring forms MGU



Bermuda-based specialty insurer and reinsurer Fidelis Insurance Holdings Ltd. said Monday that it intends to form a managing general underwriter separate from its existing balance sheet insurance business.

Fidelis MGU will originate and write more than $3 billion of gross income premiums across specialty areas, the insurer said.

MGU will be supported by insurance companies The Travelers Cos. Inc. and Alfa Insurance and private equity firms Capital Z Partners Management LLC, The Blackstone Inc. and Further Global Capital Management LP, Fidelis said.

Travelers already took a minority stake in Fidelis last year.

Richard Brindle, chairman, CEO and chief underwriting officer of Fidelis, will serve as chairman and CEO of MGU.

Once separated, there will be no changes to how Fidelis currently conducts underwriting from its offices in Bermuda, London and Dublin, the insurer said.

The transaction is subject to regulatory approval.

The balance sheet companies will have access to Fidelis̵

7; underwriting talent and risk origination, with appropriate structures in place to ensure alignment, Mr. Brindle in a statement.

Launched in 2015, Fidelis has an investment management arm in addition to its underwriting units.


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