Bermuda-based Fidelis Insurance announced on Wednesday that it has launched its first MGA, which will focus on niche specialty treaty excess of loss business.
The MGA, to be known as Radius, will be run by Rob Ashton, the former head of specialty at Hiscox Re. Specialty businesses to be written in Radius include cyber, nuclear and personal accident retro.
The MGA began writing business on Nov. 1, two months earlier than previously announced.
Radius is the first MGA to be launched through Pine Walk Capital Limited (“Pine Walk”), a new subsidiary that is being run by Rinku Patel, formerly of Hyperion Insurance Group.
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.”
Fidelis Insurance Holdings Limited is a privately owned Bermuda-based holding company, which, through its wholly-owned subsidiaries, is a global provider of specialty insurance and reinsurance products.
Source: Fidelis Insurance