Fidelis has formed a new specialty joint venture with Rob Ashton, the former head of specialty at Hiscox Re Specialty.

The new venture will begin writing business on 1 January 2018 and will focus on niche specialty excess of loss business, particularly cyber reinsurance.

Fidelis said that it will provide the working capital and the cornerstone capacity to the venture.

Ashton, who has now joined Fidelis as a specialty reinsurance underwriter, will underwrite on Fidelis’ account while the new venture is being finalised.

He moves over from Hiscox where he served as head of specialty at Hiscox Re Specialty for over four years.

Ashton joined Hiscox in 2003 from AIG, where he wrote accident and health business. In 2011, he became line underwriter for special risks and personal accident excess-of-loss reinsurance.

Richard Brindle, Fidelis group CEO, said: “The creation of this venture, signals the beginning of our strategy to identify and attract specialist underwriting talent with innovative and closely defined products. Our unique market vision and entrepreneurial pedigree will mean that we will be a high value destination for these underwriters.”