GWP across the group grew by 29% to $4.6 billion
Fidelis Insurance Group GWP up 23% to $4.4 billion
Syndicate 3123 GWP of $200 million in first six months
Pine Walk MGA platform reports $900 million of GWP
By Ryan Hewlett
March 20 - (The Insurer) - The Fidelis Partnership said on Thursday that its gross written premium increased by 29% in 2024, with top line at the MGU’s Lloyd’s Syndicate 3123 coming in ahead of plan in its first six months of trading.
The Richard Brindle-led platform, which last year rebranded as the Fidelis Partnership from Fidelis MGU, wrote $4.6 billion in GWP last year, $4.4 billion of which was on behalf of Fidelis Insurance Group, the “balance sheet” arm of the business that was carved out in 2023 and listed on the New York Stock Exchange.
This included $900 million via its in-house MGA platform Pine Walk, which also launched three new cells during the year: Novagen, Seraphina and Silverflame Re. The platform now operates 11 specialist underwriting cells, including its largest, Navium, led by London marine trader Clive Washbourn.
The results also included Syndicate 3123, which formally launched in July last year.
Syndicate 3123, led by active underwriter Daniel O’Connell, wrote around $200 million in GWP in its first six months of trading.
The Fidelis Partnership previously disclosed that the syndicate was targeting GWP of $180 million in the second half of 2024 and $450 million in 2025.
In its full-year and fourth-quarter results announcement last month, Fidelis Insurance Group reported commissions in relation to the Fidelis Partnership of $62.1 million for the quarter and $311.1 million for the full year.
Executive chairman and CEO Brindle said 2024 marked a year of “significant strategic progress” for the Fidelis Partnership, including the completion of a $2 billion refinance in October, led by Blackstone.
“The momentum we have built over the past year positions us for strong future growth. In a world that is increasingly complex and fraught with risks, the importance of sophisticated insurance solutions cannot be overstated,” said Brindle.
“Our continued expansion, including the successful launch of new cells within the Pine Walk platform and our strategic entry into Abu Dhabi as part of our BRICS+ strategy, ensures that we are not only meeting the demands of today but also anticipating the challenges of tomorrow.”
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