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Fidelis Insurance Group (FIHL) is a global specialty insurer and reinsurer headquartered in Bermuda, with additional offices in Ireland and the United Kingdom. The company provides tailored insurance and reinsurance solutions across diverse markets, focusing on specialty risks, bespoke products, and property catastrophe reinsurance. FIHL leverages its underwriting expertise, innovative product offerings, and strategic capital deployment to meet the unique needs of its clients.
- Specialty - Offers tailored insurance solutions across Aviation & Aerospace, Energy, Marine, Property, Property Direct & Facultative (D&F), and other specialty risks, leveraging leadership in key markets to secure preferential terms and conditions.
- Bespoke - Provides highly customized and innovative products, including Credit & Political Risk, Political Violence & Terrorism, Tax Liabilities, Title, Transactional Liabilities, and other bespoke solutions designed to address regulatory capital relief and transaction facilitation needs.
- Reinsurance - Focuses on property catastrophe reinsurance, retrocession, and whole account reinsurance, deploying capacity opportunistically on core clients and managing exposure through targeted attachment points.
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Your Specialty segment experienced higher variable commissions this quarter, increasing policy acquisition expenses to 32.9% of the combined ratio, up from prior quarters. How do you plan to manage these commissions going forward, and should we expect this elevated acquisition ratio to persist or normalize?
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Given the adverse prior year development of $14 million in your Specialty segment driven by increased estimates in your aviation and aerospace line due to ongoing Russia-Ukraine litigation , what steps are you taking to mitigate further adverse development in this line, and how confident are you in the adequacy of your current reserves?
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Despite delivering an annualized operating ROE of 16.4%, your stock continues to trade at a significant discount to book value. Beyond share buybacks, what strategic actions are you considering to address this valuation gap and enhance shareholder value?
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In the aviation line of business, expected rate increases did not materialize, affecting your underwriting opportunities. How is this impacting your growth prospects in that segment, and what adjustments are you making to your strategy to navigate these market dynamics?
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With the new strategic partnership with Euclid Mortgage estimated to produce $35 million in gross premiums written in 2025 , how do you assess and manage the risks associated with entering this new line of business, and how will you ensure it aligns with your overall risk appetite and profitability targets?