Fidelis Insurance Holdings Ltd. is restructuring its business into four divisions: Bespoke, Reinsurance, Partnerships and Specialty.
Richard Brindle, chairman and group CEO, will take on the additional role of group chief underwriting officer at the privately owned Bermuda-based specialty insurer and reinsurer, leading the underwriting across the four divisions.
Richard Coulson is leading the Bespoke division, Rich Holden is in charge of Reinsurance, Phil Vandoninck oversees Partnerships, and Alison Clarke handles Specialty.
In a statement announcing the move, Fidelis explained that its Bespoke segment is a key driver for growth and focuses on business with higher barriers to entry. It is characterized by low and stable attritional loss ratios and customized wordings that closely define the exposure, which is non-correlating to peak perils and highly capital efficient, the company said.
Partnerships include Fidelis’ catastrophe quota shares, third-party vehicles and Fidelis’ MGA platform, Pine Walk, the company said.
To support the underwriting teams and ensure cohesion and efficiency across all the functions of Fidelis, Patricia Roufca, group general counsel, will assume the new and additional role of chief operating officer. Since her arrival at Fidelis in February 2016, Roufca has delivered and executed key projects including a proposed Brexit product, the company said, describing her new COO role as key to ensuring delivery of Fidelis’ growth strategy.
Ben Savill, who was appointed group chief underwriting officer in March 2016, will leave to pursue other opportunities.
In addition, Hinal Patel, group chief financial officer, will take up the reins as Fidelis Insurance Bermuda Ltd.’s chief executive officer.
“We are always looking to improve our service to our clients, and this clear division of our core underwriting business into four pillars will sharpen the focus on our key products and relationships,” commented Brindle.
“We have great strength and depth in our executive team, and Patricia will be instrumental in driving the continued search for efficiency in all we do,” he added. “I am looking forward to an exciting future for Fidelis, with strong definition on our sources of profit and differentiation and with a relentless dedication to our culture of execution.”
Source: Fidelis Insurance Holdings Ltd.
*A version of this story ran previously in our sister publication Insurance Journal.