Fidelis acquires equity stake in new MGA to add surety capacity
Bermudian Fidelis Insurance has taken an equity stake in new managing general agent (MGA) Firestone Surety and will be providing underwriting capacity.
Firestone will focus on the small and medium-sized enterprises sector of the surety market and will be managed through Pine Walk Capital, Fidelis’ subsidiary MGA platform which in a move previously announced.
Firestone will be run by Andy Ray, who has over 30 years of experience in the surety industry, and formed the surety broking division within Kerry London, as managing director, since 2008. Ray started his surety career with College Hill Underwriters and was instrumental in forging a new underwriting relationship with credit insurer Euler Hermes Kreditversicherungs.
Dan Burrows, CEO of Fidelis Underwriting, said: "We are delighted to have joined forces with Andy furthering our strategy to sponsor specialist underwriting products. Having someone of Andy’s calibre join our MGA platform is testament to the appeal that Pine Walk represents to talented niche underwriters looking to launch their own agency."
Ray added: "I am pleased to partner with Fidelis and Pine Walk in forming this new MGA. There is a clear need for new capacity in the SME sector, supporting the bonding needs of main and sub-contractors."
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