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Fidelis adds mortgage indemnity insurance capacity with MGA Aware Specialty

HAMILTON, BERMUDA— 17 May 2018Fidelis Insurance (“Fidelis”) today announced that it has taken an equity stake in a new MGA Aware Specialty Limited (“Aware”), and will be providing underwriting capacity. Aware will focus on mortgage indemnity insurance and will be managed through Pine Walk Capital Limited (“Pine Walk”), Fidelis’ subsidiary MGA platform.

Giles Schofield will run Aware bringing 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 initiated and implemented the process that in 2016 saw Genworth sell the entity to AmTrust. Giles 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 Limited 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.”

Giles 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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