FIDELIS BACKS CYBER REINSURANCE JOINT VENTURE

Bermuda-based Fidelis Insurance is backing a new cyber reinsurance venture. Fidelis is providing the working capital and capacity to the venture, which is led by led Rob Ashton, former head of specialty at Hiscox Re Specialty. The new venture will begin underwriting in January 2018 and will focus on niche specialty excess of loss business, and in particular cyber reinsurance. Richard Brindle, Group Chief Executive Officer of Fidelis Insurance said that the joint venture signals the beginning of Fidelis’ strategy to attract specialist underwriting talent.