Bermuda-based Fidelis Insurance has announced plans to create a new managing general underwriter, Fidelis MGU, from the existing balance sheet insurance entities. 

The restructuring is aimed at allowing each firm to focus on its core functions and area of expertise. 

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Fidelis MGU will be backed by Capital Z Partners, The Travelers Companies, Blackstone, Further Global Capital Management and Alfa Insurance. Additionally, debt financing will be led by Blackstone. 

The newly incorporated entity will aim to originate and underwrite more than $3bn of gross written premium across a range of speciality reinsurance and insurance classes of business.

The demerger is anticipated to provide flexibility to both businesses allowing them to respond to evolving needs of insurance and reinsurance markets. 

Richard Brindle will lead Fidelis MGU as chairman and CEO of the new entity. 

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The plan and launch of the MGU are subject to regulatory approval and transaction steps. 

Fidelis chairman, group CEO and chief underwriting officer Richard Brindle said: “The balance sheet companies will have access to our market-leading underwriting talent and risk origination, with appropriate structures in place to ensure alignment. 

“Built on the best talent in the market, we are creating an MGU platform that will generate attractive returns for the shareholders of both of the separated businesses. Our success will be defined by the continued delivery of underwriting outperformance, aligned with our long-term philosophy of writing insurance and reinsurance in areas where deep expertise is required to deliver through the cycle.”