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Fidelis adds mortgage indemnity capacity with MGA Aware Specialty

May 17, 2018

Fidelis has added a new MGA to its Pine Walk Capital incubator platform that will focus on mortgage indemnity insurance.

The (re)insurer said that it has taken an equity stake in MGA Aware Specialty and will be providing underwriting capacity.

The new MGA will be run by Giles Schofield, the former head of reinsurance for mortgage and special risks at AmTrust International. He established the reinsurance function for Genworth Financial’s European mortgage insurance entity in 2010 and subsequently initiated and implemented the process that saw Genworth sell the entity to AmTrust in 2016.

He has previously held senior positions at a number of broking and underwriting organisations, specialising in ART and capital management (re)insurance programmes, including M&A.

Aware Specialty is the third MGA to join Fidelis’ MGA platform since its formation in November 2017 and joins specialty reinsurance and surety ventures, Radius and Firestone.

Fidelis Underwriting Limited CEO Dan Burrows said: “We are pleased to join forces with Giles and further our strategy in sponsoring bespoke underwriting products”.

He added that the latest MGA addition demonstrates “Pine Walk’s ability to attract talented niche underwriters who are ready to launch their own agency.”

Schofield added: “There is a clear requirement for new, unencumbered, quality capacity in the mortgage insurance sector, which can better support the capital management needs of lending institutions in today’s market. 

“Fidelis and Pine Walk have proven to be ideal partners in forming this new MGA that will provide a bespoke product.”