Patel takes over as Fidelis CFO

Hinal Patel will become the new group chief financial officer (CFO) of Bermuda-based holding company Fidelis Insurance with effect from June 30.

Patel takes over from Neil McConachie, who co-founded the property/casualty re/insurance start-up in 2015 with Richard Brindle and who resigned from the company in January citing personal reasons.

Patel was most recently the group chief actuary of Fidelis.

"Hinal brings a deep understanding of Fidelis' business, reserving and capital management which aligns with the strategic role of the CFO," said group CEO Brindle. "Most importantly he understands underwriting, which is vital as we continue to pursue growth opportunities. The Board and I fully support his promotion into this role.2

McConachie said: "Hinal has clearly demonstrated his capabilities since joining Fidelis as group chief actuary. I look forward to working closely with him over the coming months, and will remain on in a consulting capacity until December 2017, to ensure a smooth transition."