Fidelis takes equity stake in new MGA Perigon Product Recall and provides underwriting
Fidelis Insurance has taken an equity stake in new MGA Perigon Product Recall Limited, and will be providing underwriting capacity.
Perigon’s focus will be product recall and product contamination coverage for food and beverage producers, restaurant operations, auto manufacturers as well as a broad range of other recall classes of insurance. This will be managed through Pine Walk Capital Limited, Fidelis’ subsidiary MGA platform.
Ian Bailey will run Perigon, bringing more than 20 years’ experience in the industry and 15 years specialising in the field of product recall and contamination. Beginning his career at Independent Insurance and then progressing to RSA, his focus on product recall began at AIG before moving to great success at XL Catlin and more latterly Hiscox.
*Philip Vandoninck, executive head of partnerships, said: “Ian brings extensive knowledge and experience of the product recall market having worked for the most innovative market leaders in both company and Lloyd’s markets. We are delighted to support this new MGA and welcome Ian to the Pine Walk team.”
Bailey said: “Perigon is a huge opportunity to leverage my extensive relationships and experience of product recall insurance in a close working partnership with Fidelis and Pine Walk. Our proposition is to provide market leading comprehensive solutions focused on first class service for our brokers and clients across a broad range of different product risks. We look forward to providing a flexible, consistent and empowered service to all of our customers.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Munich Re eyes key role in re/insurance industry transformation
Equinox Global to be rebranded as Nexus Specialty
Steve Assennata Joins IAT Insurance Group as programs chief underwriting officer
Life insurers shift to online access, research shows
Feature: 10 ways insurers are using insurtech to drive new business
