Fidelis Insurance, the specialty insurance and reinsurance firm launched by Richard Brindle, has branded its third-party reinsurance capital activities as Socium, a name taken from its sidecar vehicle, and made Philip Vandoninck its CEO.
Fidelis launched its first third-party capital vehicle, the collateralised reinsurance sidecar Socium Re Ltd., at mid-year 2018.
The re/insurer capitalised Socium Re with $50 million and said it would become a growing source of collateralised quota share retrocessional reinsurance protection for the firm, as well as provide a platform for developing relationships with third-party investors.
Socium Re Limited then entered into a quota share agreement with the firm, incepting as of June 1st 2018 to provide retro support to its growing reinsurance portfolio.
Later in 2018, Fidelis formalised its work with third-party capital, by creating four new strategic pillars within its business, one of which was named Partnerships and led by Vandoninck.
The Partnerships pillar at Fidelis was where catastrophe quota shares, third-party vehicles such as Socium Re,and certain MGA business under its platform Pine Walk sat within the corporate structure.
Now, the Partnerships pillar has been rebranded as Socium.
As well as a rebranding, Fidelis has assigned dedicated resources to the Socium function of the business, with Vandoninck assuming the CEO role.
Vandoninck will also have a designated team to assist with the servicing of existing relationships, as well as developing new ones, and the provision of enhanced reporting.
Vandoninck commented on the news, “I am delighted to take on this role as we increase our focus on our risk allocation capabilities. Fidelis has the ability to access business in excess of its own balance sheet appetite. Fidelis’ partners can benefit from its underwriting outperformance and Fidelis’ access to a diversified portfolio of business, from property reinsurance to bespoke and specialty classes. Fidelis adopts a tailored partnership approach with rated carriers as well as third party capital investors, and offers partners the opportunity to support a broad range of product lines if desired.”
Richard Brindle, Chairman and Group Chief Executive Officer of Fidelis, added, “Philip has ably demonstrated his underwriting and business acumen. He has been integral to the success and growth of our partnership pillar. I am pleased to confirm his appointment to this role.”
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