Novae and Fidelis agree on US property catastrophe quota share

Property and casualty insurer Novae Group has entered into a quota share agreement with Fidelis Insurance Bermuda (FIBL) covering Lloyd’s Syndicate 2007’s US property catastrophe treaty excess of loss portfolio for 2017.

Novae writes property, casualty and marine, aviation and political risk.

"I am pleased to announce this strategic partnership with Fidelis through a reciprocal quota share of our respective US property catastrophe treaty portfolios," said Robert Forster, chief underwriting officer of Novae.

"It provides greater balance to our business as we deliver our broader strategy. Fidelis is an excellent long-term partner and shares our focus on expert underwriting and delivering innovative solutions for the benefit of our customers."

Richard Holden, head of North American underwriting at FIBL, commented: "This partnership will enable both entities to optimize their portfolios and benefit from combined expertise. Accessing London Treaty Reinsurance through an established team and portfolio is in line with Fidelis’ long term strategy."

Re/insurer FIBL is a subsidiary of Fidelis Insurance Holdings, a privately-owned Bermuda-based holding company, which is a global provider of specialty insurance and reinsurance products for property, energy, marine and aviation risk classes.

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