Fidelis enters new markets as opportunities arise amid pandemic

Bermuda-based insurer Fidelis sees opportunities in the contingency market where incumbents have withdrawn and retrenched capacity due to the COVID-19-related downturn, and across all specialty lines including fine art and specie market where rate hardening is accelerating.

Fidelis Underwriting has appointed Emily Clapham and Stacey Munton to spearhead its entry into the contingency and fine art & specie markets.

Based in London, both the underwriters will join the Fidelis specialty team reporting to Kayley Stewart, head of specialty.

Richard Coulson, chief underwriting officer for Fidelis Underwriting, said: “The Contingency market has been turned upside down by the global impacts of COVID-19. As incumbents in this market withdraw and retrench there is real opportunity for Fidelis to take a lead role in innovating, restructuring and repricing products to ensure clients of this market continue to have access to long term risk transfer solutions. Fidelis can provide innovation and leadership for these products, and we are excited to have an underwriter of Emily’s calibre join to spearhead this business for the group.”

Stewart added: “Our entry into the Fine Art and Specie market is part of our very deliberate strategy of broadening Fidelis’ product base across all Specialty lines that are seeing significant hardening of rates, terms and conditions. As capacity continues to contract, Stacey brings with her a wealth of expertise and relationships that have already seen Fidelis take the lead position on several major placements in line with our plans for positioning ourselves as a go-to lead in this market going forwards.”