{"id":6844,"date":"2024-06-28T08:47:26","date_gmt":"2024-06-28T07:47:26","guid":{"rendered":"httpss:\/\/www.advantagego.com\/?p=6844"},"modified":"2025-03-26T05:03:07","modified_gmt":"2025-03-26T05:03:07","slug":"voi-podcast-with-dan-burrows-group-ceo-of-fidelis-insurance-group","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/voi-podcast-with-dan-burrows-group-ceo-of-fidelis-insurance-group\/","title":{"rendered":"Best of both worlds \u2013 Fidelis Insurance Group"},"content":{"rendered":"\n<p><iframe title=\"Ep215 Dan Burrows Group CEO Fidelis Insurance Group: Be responsive, be there\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=ga7jm-164de5c-pb&amp;from=pb6admin&amp;share=0&amp;download=1&amp;rtl=0&amp;fonts=Tahoma&amp;skin=3267a3&amp;font-color=&amp;logo_link=episode_page&amp;btn-skin=1b1b1b\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<p><strong>Dan Burrows, group CEO of Fidelis Insurance Group, was the latest guest of the Voice of Insurance podcast, produced in association with AdvantageGo. He characterised Fidelis\u2019 recent reformation as \u201cthe best of both worlds\u201d.<\/strong><\/p>\n\n\n\n<p>Fidelis is a well-known player in the specialty (re)insurance market, but has undergone an unprecedented transition in recent years \u2013 reordering the business into two distinct entities, albeit ones that continue to work closely together.<\/p>\n\n\n\n<p>As group CEO of Fidelis Insurance Group, Burrows runs the insurer part of this first-of-its-kind hybrid structure, while the managing general agent (MGA) arm, known as the Fidelis Partnership, is led by led by fellow (re)insurance market veteran CEO, Richard Brindle.<\/p>\n\n\n\n<p>Burrows provided some details about how the bifurcation has played out in the busy months since then. For instance, some 40% of the staff now on Burrows\u2019 side of the business came from the original Fidelis, he noted.<\/p>\n\n\n\n<p>Aside from garnering the essential nods and approvals from regulators and ratings agencies, Fidelis Insurance Group has also floated as a public company, and completed a secondary capital raise \u2013 raising $2bn in the process. This he said, \u201cspeaks volumes\u201d about not just the people in the business, but support from the market, from clients, brokers and investors.<\/p>\n\n\n\n<p>\u201cWhat we have done in the last 18 months is prove that the concept works. The relationship is working exactly as intended. We&#8217;re able to match the right capital against the right risk,\u201d Burrows said.<\/p>\n\n\n\n<p>Since the Initial Public Offering, and then capital raising, Burrows has spent a lot of time talking to investors, with inevitable questions about how this unprecedented restructuring works between the two halves of an insurance business.<\/p>\n\n\n\n<p>\u201cNaturally, people ask a lot of questions around the structure. How&#8217;s it working; [on] commissions, who does it benefit; does one side win; does one side lose? Well, we both win.<\/p>\n\n\n\n<p>Now, questions tend to focus not on the structure, but the benefits to reap, in part from its synergies.<\/p>\n\n\n\n<p>&nbsp;\u201cNow, the focus is on market, duration, performance, growth, aspiration,\u201d Burrows said. \u201cWe don&#8217;t use terms like bifurcation. It&#8217;s a hybrid union of capital with underwriting, and the stakeholders on both sides are a union.\u201d<\/p>\n\n\n\n<p>Another foundation of that positivity is the widely flourishing market opportunities, as \u201cquarter on quarter, we\u2019re beating [our] plan\u201d, Burrows suggested, with market conditions continuing to look good for specialty insurers and reinsurers.<\/p>\n\n\n\n<p>\u201cWe&#8217;re still in the best market we&#8217;ve seen in decades. It is a mature, hard market with compounded increases across most, if not all, lines, and that positive movement is still continuing,\u201d Burrows said.<\/p>\n\n\n\n<p>The hybrid union at Fidelis allows for more time on the \u201ccore competency\u201d of capital management. On the other hand, Burrows emphasised that some respects of the relationship between the two arms have not changed much, with daily interaction between the two CEOs on underwriting matters.<\/p>\n\n\n\n<p>\u201cThere&#8217;s a huge alignment and a huge overlap, and that&#8217;s beneficial to both sides,\u201d Burrows said.<\/p>\n\n\n\n<p>\u201cI want to be involved with the partnership on the underwriting side. When I get in the office in the morning, we have an <a href=\"https:\/\/www.advantagego.com\/en-us\/products\/underwriting\/\" target=\"_blank\" rel=\"noreferrer noopener\">integrated underwriting IT platform<\/a>, so I can see exactly what&#8217;s been written, and Richard and I talk daily about risk and we\u2019re involved in the origination.\u201d<\/p>\n\n\n\n<p>He continued: \u201cWe&#8217;re in the best of both worlds here, because we are unemotional when we think about <a href=\"https:\/\/www.advantagego.com\/en-us\/content\/profitable-underwriting-by-controlling-exposures-end-to-end\/\" target=\"_blank\" rel=\"noreferrer noopener\">underwriting risk<\/a>. We want to take a clear, concise view of our appetite, of our own view of risk, but we&#8217;re connected enough to be able to outline to investors what is really going on the market with confidence.\u201d<\/p>\n\n\n\n<p>One major piece of London market news \u2013 highlighting continued close synergy between these \u2018two Fidelises\u2019 \u2013 has been for Fidelis Insurance Group to back the syndicate launched at Lloyd\u2019s by Fidelis Partnership, a move in collaboration with private capital provider Hampden Agencies.<\/p>\n\n\n\n<p>This new Asta-managed Syndicate 3123 has an initial target of $180m of gross written premium (GWP) in the second half of 2024, rising to $450m of GWP in 2025. Burrows emphasised that the syndicate could be expected to grow to much higher levels in the medium term, stressing the value of Lloyd\u2019s for accessing a broader basket of business.<\/p>\n\n\n\n<p>\u201cIt gives us access to new clients, new territories, which you just wouldn&#8217;t be able to get unless we went through a Lloyd&#8217;s platform or put a flag down everywhere in the world, which would not be efficient for us,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dan Burrows, group CEO of Fidelis Insurance Group, was the latest guest of the Voice of Insurance podcast, produced in association with AdvantageGo. He characterised Fidelis\u2019 recent reformation as \u201cthe best of both worlds\u201d. Fidelis is a well-known player in the specialty (re)insurance market, but has undergone an unprecedented transition in recent years \u2013 reordering [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19],"tags":[39,14],"line-of-business":[20],"class_list":["post-6844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","tag-reinsurance","tag-underwriting-workbench","line-of-business-property"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/6844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=6844"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/6844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/6594"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=6844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=6844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=6844"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=6844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}