13 January 2017Insurance

Fidelis CFO and co-founder Neil McConachie steps down

Neil McConachie, the co-founder and chief financial officer of Bermuda-based Fidelis Insurance, has decided to step down from his role in January 2018 citing personal reasons.

McConachie says he now wants to “step back from day-to-day management” of the company. However, he will continue to serve the Fidelis board as a non-executive director.

The property/casualty re/insurance start-up was co-founded in 2015 by McConachie and Richard Brindle.

Brindle commented: “I am sad that Neil will be leaving the management team, and will miss him, but respect his decision. He has been a driving force behind the establishment of Fidelis and quite frankly I couldn’t have done it without him.

“I am delighted that he will stay on the board as a non-executive director. Fidelis is now an established and respected company but we always need smart people’s advice and counsel, and I will certainly consult him frequently on strategic matters.”

McConachie added: “I’m very proud to have founded Fidelis with my friend Richard. The project began some time ago and it’s been a hectic few years. Now the company is successfully established, I want to step back from day-to-day management.

“I’m very much looking forward to continuing as a director, helping shape the future strategy and direction of this great business.”

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1 November 2017   Bermuda-based Fidelis Insurance said that it has launched its first managing general agent (MGA), Radius, which will focus on niche specialty treaty excess of loss business such as cyber, nuclear and PA Retro.
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14 August 2017   Bermuda-based specialty re/insurance provider Fidelis Insurance has appointed Charles Mathias, group chief risk officer, to its board of directors, succeeding Neil McConachie.
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7 March 2017   Bermuda-based holding company Fidelis Insurance has appointed Hinal Patel to succeed Neil McConachie as group chief financial officer (CFO) with effect from June 30.