Bermuda-based insurance and reinsurance company Fidelis has won approval to set up business in London.

The new arm of the firm is led by Dan Burrows as UK chief executive officer and will begin underwriting immediately.

He is joined by chairman of specialty Nich Burkinshaw and specialty lines underwriter Richard Coulson.

More staff are expected to be recruited next year.

Richard Brindle, the group CEO, said: “Strong mutually beneficial relationships are essential to our continued success and ensuring that we are available and accessible to our broking partners and clients in leading markets is key to maintaining and developing these relationships.

“A London-based business gives us the platform to build out our specialist insurance business and under Dan’s leadership I am certain that we will rapidly establish ourselves as a new force within the London market.”

The UK business will initially focus on specialty lines, including political risk, war, terrorism and political violence, space, specialist marine and energy products.

Fidelis said that the new subsidiary would complement its existing Bermuda business, led by Ben Savill, which focuses on reinsurance.