Fidelis takes stake in Aware Specialty

Fidelis Insurance will be providing underwriting capacity to Aware Specialty after taking an equity stake in the new MGA.

Fidelis said that Giles Schofield will run Aware, which will focus on mortgage indemnity insurance and will be managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform.

Schofield brings over 35 years’ experience in the (re)insurance industry, having established the reinsurance function for Genworth Financial’s European mortgage insurance entity in 2010.

He subsequently initiated and implemented the process that in 2016 saw Genworth sell the entity to AmTrust. Schofield started his reinsurance career with Sedgwick Payne and has held senior roles at broking and underwriting organisations, where he has specialised in ART and capital management (re)insurance programmes, including M&A.

“We are pleased to join forces with Giles and further our strategy in sponsoring bespoke underwriting products,” said Dan Burrows, chief executive officer of Fidelis Underwriting. “This is the third MGA to join our MGA platform since its formation in November 2017 all with highly regarded underwriters. This demonstrates Pine Walk’s ability to attract talented niche underwriters who are ready to launch their own agency.”

Schofield added: “There is a clear requirement for new, unencumbered, quality capacity in the mortgage insurance sector, which can better support the capital management needs of lending institutions in today’s market. Fidelis and Pine Walk have proven to be ideal partners in forming this new MGA that will provide a bespoke product.”