Novae Group announces quota share agreement with Fidelis Insurance Bermuda Limited
Novae announces it has entered into a quota share agreement with Fidelis Insurance Bermuda Limited (“FIBL”) covering Syndicate 2007’s US Property Catastrophe Treaty excess of loss portfolio for 2017.
Richard Holden, Head of North American Underwriting at FIBL, commented: “We have great respect for the Lloyd’s market and the continuity Novae has offered their clients over a sustained period of time. This partnership will enable both entities to optimize their portfolios and benefit from combined expertise. Accessing London Treaty Reinsurance through an established team and portfolio is in line with Fidelis’ long term strategy.”
Robert Forster, Chief Underwriting Officer at Novae, said: “I am pleased to announce this strategic partnership with Fidelis through a reciprocal quota share of our respective US Property Catastrophe Treaty portfolios. It provides greater balance to our business as we deliver our broader strategy. Fidelis is an excellent long-term partner and shares our focus on expert underwriting and delivering innovative solutions for the benefit of our customers.”