FIDELIS LAUNCHES FIRST MGA TO FOCUS ON EXCESS OF LOSS BUSINESS

Bermudian re/insurer Fidelis Insurance has launched its first managing general agency (MGA) operation. The business, called Radius, will be run by Rob Ashton, who joined the re/insurer in July from Hiscox Re. Radius will focus on niche specialty treaty excess of loss business, such as cyber, nuclear and personal accident retrocession. It begins writing business today, two months earlier than originally planned. Radius is the first MGA to be launched through Fidelis subsidiary Pine Walk Capital, which will be run by Rinku Patel, who has experience in the MGA and intermediary space, most recently at Hyperion Insurance Group. Richard Brindle, group chief executive of Fidelis, said the creation of Pine Walk Capital would allow Fidelis to further its strategy through sponsoring specialist underwriting products.