A specialist Lloyd’s of London insurer has teamed up with Bermuda’s Fidelis Insurance in a quota share agreement.

The agreement covers Lloyd’s Syndicate 2007’s US property catastrophe treaty excess of loss portfolio for this year.

Richard Holden, head of North American underwriting at Fidelis, said: “We have great respect for the Lloyd’s market and the continuity Novae has offered their clients over a sustained period of time.

“This partnership will enable both entities to optimise their portfolios and benefit from combined expertise.

“Accessing London treaty reinsurance through an established team and portfolio is in line with Fidelis’ long-term strategy.”

Robert Foster, Novae’s chief underwriting officer, added: “I am pleased to announce this strategic partnership with Fidelis through a reciprocal quota share of our respective US property catastrophe treaty portfolios.

“It provides greater balance to our business as we deliver our broader strategy.

“Fidelis is an excellent long-term partner and shares our focus on expert underwriting and delivering innovative solutions for the benefit of our customers.”

Novae Group is a property and casualty insurer and reinsurer operating through Syndicate 2007 with a listing on the London Stock Exchange.

The company has offices in London and Bermuda and a market capitalisation of more than $496 million.