Bermudian-based Fidelis Insurance Holdings Limited has completed the transaction creating a new managing general underwriter separate from FIHL and the existing insurance companies (the Fidelis Insurance Group).

Originally announced last July, the transaction became effective on Tuesday.

Both FIHL and Fidelis MGU have received approvals or non-objections, as and if required, from the Bermuda Monetary Authority, the FCA and PRA in the United Kingdom, the CBI in Ireland, and the FSMA in Belgium.

The Fidelis MGU will be located at Waterloo House in Bermuda, 22 Bishopsgate in London and the Station Building II in Dublin.

Its executive committee consists of: Richard Brindle, chairman & group chief executive officer; Charles Mathias, deputy chairman & group executive director; Michael Cottell, group general counsel & group company secretary; Richard Coulson, chief executive officer of Insurance & UK chief underwriting officer; Jonny Creagh-Coen, head of strategic relationships; Michael Davern, co-deputy UK chief underwriting officer & group head of D&F and energy; Richard Holden, chief executive officer of Reinsurance; Robert Kelly, chief executive officer of Ireland, chief financial officer of Ireland & group head of financial planning & analysis; Hinal Patel, group chief financial officer; Rinku Patel, group chief operating officer, chief executive officer of UK & chief executive officer of Pine Walk; and Philip Vandoninck, chief executive officer of Socium & chief executive officer of Bermuda.

The Fidelis Insurance Group will be located at the same three locations. Its executive team consists of: Dan Burrows, group chief executive officer; Denise Brown-Branch, group chief operating officer; Allan Decleir, group chief financial officer; Mike Pearson, group chief risk officer; Ian Houston, group chief underwriting officer; David Smith, group chief investment officer; and Jonny Strickle, group chief actuary.

Mr Brindle said: “We are delighted to announce the completion of this intelligent and ground-breaking transaction. It has been an extraordinary effort by both entities, supported by outstanding advisers. We really believe this positions us to be leaders in an exciting market today and for the long term.

“The MGU can now focus on the core competencies in underwriting, claims handling, reinsurance structuring and above all innovation of new products, supported by our market leading proprietary technology tools.

“We look forward to continuing and growing our relationships with brokers and clients by providing the highest standards of service and the most thoughtful deployment of capacity in the market.”

Mr Burrows said: “The new structure and partnership between Fidelis Insurance Group and Fidelis MGU will be highly beneficial to all stakeholders and provides an evolved capital, risk and distribution model.

“Our team of over 75 professionals at Fidelis Insurance Group is very experienced and has superior underwriting, risk management, claims, investment and actuarial knowledge. We are committed to generating excellent returns while doing the right thing for our people, our customers, our shareholders and for the broader societies we work in.

“I and my team look forward to working closely with Richard and the MGU team as we move forward.”

The Fidelis MGU’s principal equity investors are Capital Z Partners, The Travelers Companies Inc, Blackstone, Further Global Capital Management and Alfa Insurance. In addition, Blackstone is leading the debt financing to the Fidelis MGU, with Oak Hill Advisors and Barings also participating in the debt and providing equity.

The Fidelis Insurance Group capital structure will remain unchanged, as will its investors, apart from the purchase of a 9.9 per cent stake in Fidelis Insurance Group by the Fidelis MGU from existing shareholders, creating additional alignment.

Mr Brindle and the Fidelis MGU team retain significant personal stakes in the Fidelis Insurance Group as well as being significant shareholders in Fidelis MGU.