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    Leon Cooperman • Omega Advisors, Inc.

    Leon Cooperman's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership

    Leon Cooperman's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership • Q2 2025

    Question

    Leon Cooperman of Omega Advisors asked for management's perspective on why Fidelis's stock trades at a discount to its peers despite strong performance, questioning if the corporate structure was a factor, and whether a 15% ROE is a reasonable expectation.

    Answer

    CEO Dan Burrows agreed the stock is undervalued and sees the current price as an opportunity for accretive share buybacks. He affirmed the company's structure is working as intended, with strong underlying results ex-Russia/Ukraine. Burrows expressed confidence in delivering on their through-the-cycle targets, including a potential 15% ROE, contingent on second-half catastrophe activity.

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    Leon Cooperman's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership • Q1 2025

    Question

    Leon Cooperman asked why Fidelis's stock trades at a discount to book value despite its 13-16% ROE target, a return level for which peers trade at a premium. He also questioned if the company would fully utilize its remaining share repurchase authorization given the current stock price.

    Answer

    CEO Dan Burrows agreed the stock is undervalued, attributing the discount to the relative newness of the company's public structure and the need to build a longer track record with investors. An unnamed executive confirmed that share repurchases are considered a highly accretive use of capital at current prices and that the company will continue to balance deploying capital for profitable underwriting with opportunistic buybacks.

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    Leon Cooperman's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership • Q4 2024

    Question

    Leon Cooperman asserted that the stock appears significantly mispriced based on its price-to-book and normalized earnings potential relative to its ROE targets. He asked about the company's excess capital and its willingness to fully utilize its share repurchase authorization.

    Answer

    CEO Dan Burrows agreed that the company is undervalued and expressed confidence in its through-the-cycle ROE target of 13-15%. While declining to quantify excess capital, he affirmed that Fidelis has a strong capital position to both fund growth and execute on capital management initiatives, including the accretive share repurchase program.

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    Leon Cooperman's questions to Fidelis Insurance Holdings Ltd (FIHL) leadership • Q3 2024

    Question

    Leon Cooperman asked about the relative attractiveness of stock repurchases versus writing more business, the anticipated top-line growth for 2025, the current amount of excess capital, and the end-of-quarter fully diluted share count. He also commented on the stock's valuation.

    Answer

    CEO Dan Burrows stated the first priority is profitable underwriting growth, but excess capital is used for accretive share buybacks, agreeing the stock is undervalued. He declined to give a 2025 growth forecast but reiterated targets for the combined ratio and ROE. He did not disclose the amount of excess capital. CFO Allan Decleir provided the specific end-of-quarter share count of 111,726,363.

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    Leon Cooperman's questions to Arbor Realty Trust Inc (ABR) leadership

    Leon Cooperman's questions to Arbor Realty Trust Inc (ABR) leadership • Q1 2025

    Question

    Leon Cooperman questioned the rationale for expecting lower interest rates, asked for the quarter-end book value, and inquired about the company's current stance on executing its share buyback authorization.

    Answer

    President and CEO Ivan Kaufman clarified his comments were about how different rate environments impact the business, not a prediction, noting a recent rate dip significantly boosted their pipeline. Executive Paul Elenio stated the book value was $11.98 per share. Kaufman confirmed that while liquidity is a priority, they would evaluate buybacks if it represents a good return on investment.

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    Leon Cooperman's questions to Arbor Realty Trust Inc (ABR) leadership • Q4 2024

    Question

    Leon Cooperman asked about management's confidence in the stated book value, their willingness to repurchase stock if it falls below book value, and the expected recurring return on equity in a normal environment.

    Answer

    President and CEO Ivan Kaufman expressed strong confidence in the book value, citing a successful track record of managing distressed loans with appropriate reserves. He indicated that the focus for capital is on funding growth in the SFR, construction, and bridge lending businesses, which offer mid-teens returns. However, he suggested he and management would likely be active buyers if the stock price dropped significantly. Executive Paul Elenio estimated a realistic ROE of 10-12% based on current guidance, down from 14% in 2024.

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