Bermudian-based Fidelis MGU is to rebrand as The Fidelis Partnership.

The news came as the organisation announced its results for the 2023 fiscal year.

It said key financial highlights of the portfolio underwritten by Fidelis MGU for Fidelis Insurance Group included gross written premium growth of 19 per cent to $3.6 billion from full year 2022, including 39 per cent growth in the specialty portfolio.

Fidelis said GWP was comprised of 62 per cent specialty, 20 per cent bespoke and 18 per cent reinsurance.

It said that Pine Walk GWP grew 43 per cent to $780 million.

Fidelis hailed its “continued demonstration of underwriting leadership, with lead positions held across (approximately) 90 per cent of premium”.

It said the brand update becomes effective on March 28.

Richard Brindle, executive chairman and chief executive of Fidelis MGU, said: “Our first set of results since the bifurcation represents a major milestone for Fidelis MGU and we are delighted to announce the launch of our new brand ‘The Fidelis Partnership’ to coincide with this.

“These results reflect a year of outstanding performance, including 19 per cent growth in overall GWP due to strong rating environment and new business.

“We are also pleased to note the strong underwriting result reported by Fidelis Insurance Group, which reported a combined ratio of 82 per cent, demonstrating the strength of our aligned partnership model and the benefits of our dynamic, nimble and opportunistic trading approach.”

Mr Brindle added: “On choosing our new brand, we wanted to emphasise how collaboration runs through every aspect of our business, from our enduring partnership with our core capacity partner, through to our long-term relationships with brokers and clients.

“The Fidelis Partnership reflects our commitment to all our stakeholders as well as the multifaceted nature of our business, which extends far beyond that of a conventional MGU to encompass outwards reinsurance, claims handling, exposure management and portfolio analytics and optimisation.

“Looking forward, 2024 will be another year of strong growth for The Fidelis Partnership, with plans to strategically expand our underwriting footprint.

“Central to these ambitions are our culture and our people, blending intellectual curiosity and collaboration with an environment that genuinely celebrates diversity.

“I want to thank my colleagues, our brokers and our partners in the market for their support; together, we look forward to building on our position as the leading independently owned MGA in the market.”