Fidelis adds mortgage indemnity capacity with new MGA Aware
Bermuda-based Fidelis Insurance has taken an equity stake in a new managing general agent (MGA) Aware Specialty, and will be providing underwriting capacity.
Aware will focus on mortgage indemnity insurance and will be managed through Fidelis’ subsidiary MGA platform Pine Walk Capital.
Aware will be led by Giles Schofield, the former head of reinsurance for mortgage and special risks at AmTrust International. He has over 35 years’ experience in the re/insurance industry, and having established the reinsurance function for Genworth Financial’s European mortgage insurance entity in 2010. Subsequently, he's set to have initiated and implemented the process that in 2016 saw Genworth sell the entity to AmTrust.
Schofield started his reinsurance career with Sedgwick Payne and has held senior roles at broking and underwriting organisations, where he has specialised in ART and capital management re/insurance programmes, including M&A.
Dan Burrows, chief executive officer of Fidelis Underwriting, said: “We are pleased to join forces with Giles and further our strategy in sponsoring bespoke underwriting products. This is the third MGA to join our MGA platform since its formation in November 2017 all with highly regarded underwriters. This demonstrates Pine Walk’s ability to attract talented niche underwriters who are ready to launch their own agency.”
Schofield added: “There is a clear requirement for new, unencumbered, quality capacity in the mortgage insurance sector, which can better support the capital management needs of lending institutions in today’s market. Fidelis and Pine Walk have proven to be ideal partners in forming this new MGA that will provide a bespoke product.”
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