Fidelis takes equity stake in new MGA

Fidelis Insurance has taken an equity stake in new MGA, Perigon Product Recall.

Fidelis will provide underwriting capacity for Perigon, managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform.

Perigon focuses on product recall and product contamination coverage for food and beverage producers, restaurant operations and auto manufacturers, and other recall classes of insurance.

It is run by Ian Bailey, who brings 20+ years’ experience in the industry and 15 years specialising in the field of product recall and contamination. Bailey began his career at Independent Insurance, before progressing to RSA, but his focus on product recall began at AIG and then XL Catlin and Hiscox.

Philip Vandoninck, executive head of partnerships at Fidelis, said: “[Bailey] 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.”

Bailey said: “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. 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. We look forward to providing a flexible, consistent and empowered service to all of our customers.”