Willkie Guides Fidelis On Launch Of $3B Underwriting Unit
By Ashish Sareen (July 25, 2022, 5:39 PM BST) -- Bermuda-based Fidelis Insurance Holdings said Monday it plans to carve out part of its underwriting business and launch a managing general underwriter backed by a consortium of investors to become one of the world's biggest specialty insurers.
Fidelis said in a statement that the new entity, Fidelis MGU, will underwrite policies and negotiate insurance contracts for more than $3 billion in gross premiums once regulatory approval has been received.
"This new structure will allow each entity to focus on its core functions and specialisms, and provide clients, brokers and other stakeholders with continued levels of industry-leading service," Fidelis said.
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