Fidelis creates Socium Re
Fidelis Insurance Holdings is restructuring its business to deliver what it describes as enhanced focus and execution, and has also announced the departure of Ben Savill, the chief executive officer (CEO) of Fidelis Insurance Bermuda.
Fidelis said that Savill will leave to pursue other opportunities and that the company has thanked him for his service to it. Hinal Patel, group chief financial officer, will replace him.
Richard Brindle, chairman and group CEO, will reassume the additional role of group chief underwriting officer leading the underwriting across the four pillars of Fidelis’ – Bespoke led by Richard Coulson; Reinsurance led by Rich Holden; Partnerships led by Phil Vandoninck; and Specialty led by Alison Clarke.
Fidelis said that its Bespoke segment is a key driver for growth and focuses on business with higher barriers to entry and is characterised by low and stable attritional loss ratios, and customised wordings that closely define the exposure which is non-correlating to peak perils and highly capital efficient. Partnerships include Fidelis’ catastrophe quota shares, third party vehicles and Fidelis’ MGA platform Pine Walk.
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. Roufca, since her arrival at Fidelis, has delivered and executed on key projects including a proposed Brexit solution, and with Fidelis’ execution culture this role is key to ensure delivery on Fidelis’ growth strategy.
“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,” said 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. 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.”
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