Fidelis Announce 2023 Results & Rebrand
Fidelis MGU [The Fidelis Partnership] today announced its results for the year ended 31 December 2023, alongside its rebrand to ‘The Fidelis Partnership’ from Fidelis MGU.
Key 2023 Financial Highlights of Portfolio Underwritten by Fidelis MGU for Fidelis Insurance Group
- Gross Written Premium [GWP] grew by 19% to $3.6 billion from full year 2022, including 39% growth in Specialty portfolio; GWP is comprised 62% Specialty, 20% Bespoke and 18% Reinsurance
- Strong underwriting performance, as reflected in 82% Combined Ratio, improvement of 9.8 points from full year 2022
Further Fidelis MGU Key 2023 Highlights
- Pine Walk GWP grew 43% to $780 million
- Continued demonstration of underwriting leadership, with lead positions held across c. 90% of premium
- Effective Thursday 28 March, the Fidelis MGU brand will update to The Fidelis Partnership
Richard Brindle, executive chairman and CEO of Fidelis MGU, said, “Our first set of results since the bifurcation represents a major milestone for Fidelis MGU and we are delighted to announce the launch of our new brand ‘The Fidelis Partnership’ to coincide with this.
“These results reflect a year of outstanding performance, including 19% growth in overall GWP due to strong rating environment and new business. We are also pleased to note the strong underwriting result reported by Fidelis Insurance Group which reported a combined ratio of 82%, demonstrating the strength of our aligned partnership model and the benefits of our dynamic, nimble and opportunistic trading approach.
“On choosing our new brand, we wanted to emphasise how collaboration runs through every aspect of our business, from our enduring partnership with our core capacity partner, through to our long term relationships with brokers and clients. The Fidelis Partnership reflects our commitment to all our stakeholders as well as the multifaceted nature of our business, which extends far beyond that of a conventional MGU to encompass outwards reinsurance, claims handling, exposure management and portfolio analytics and optimisation.
“Looking forward, 2024 will be another year of strong growth for The Fidelis Partnership, with plans to strategically expand our underwriting footprint. Central to these ambitions are our culture and our people, blending intellectual curiosity and collaboration with an environment that genuinely celebrates diversity. I want to thank my colleagues, our brokers and our partners in the market for their support; together, we look forward to building on our position as the leading independently owned MGA in the market.”
The spokesperson noted, “[1] Pine Walk GWP includes GWP from other insurance partners in additional to that of Fidelis Insurance Group partners.”
