Fidelis Insurance co-founder Neil McConachie is to step down from his role as group chief financial officer next year.

But Mr McConachie, who is leaving for personal reasons, will stay on the board of Fidelis Insurance Holdings Ltd, the holding company, as a non-executive director.

Mr McConachie re-partnered with Richard Brindle to found the company in 2015.

Mr McConachie said: “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.”

Mr Brindle added: “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.”

He added: “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.”

Fidelis Insurance Holding is a privately owned Bermuda-based holding company, which, through its wholly-owned subsidiaries, is a global provider of specialty insurance and reinsurance products for property, energy, marine and aviation risk classes.