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    Fidelis Insurance Holdings Ltd (FIHL)

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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.

    1. 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.
    2. 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.
    3. Reinsurance - Focuses on property catastrophe reinsurance, retrocession, and whole account reinsurance, deploying capacity opportunistically on core clients and managing exposure through targeted attachment points.
    NamePositionStart DateShort Bio
    Daniel BurrowsGroup Chief Executive OfficerJanuary 3, 2023Daniel Burrows has been a director of FIHL since April 2022 and became Group CEO on January 3, 2023. He joined Fidelis in 2015 and previously served as co-CEO of Aon Benfield's Global Re Specialty division. He has extensive experience in underwriting and broking, starting his career in the 1980s.
    Allan DecleirGroup Chief Financial OfficerJanuary 3, 2023Allan Decleir has over 27 years of experience in the (re)insurance industry. He has held roles such as CFO of Platinum Underwriters Holdings and Stockton Reinsurance Limited. He holds a Bachelor of Business Administration and is a Chartered Professional Accountant.
    Warrick BeaverGroup Chief People OfficerMarch 2023Warrick Beaver joined FIHL as Head of HR in August 2022 and became Group Chief People Officer in March 2023. He has over 25 years of HR leadership experience, including roles at Thomson Reuters and as an independent consultant. He holds a BA in Psychology and is a Chartered Member of the Institute of Personnel and Development.
    Denise Brown-BranchGroup Chief Operating OfficerJanuary 3, 2023Denise Brown-Branch has over 25 years of experience in strategic program delivery and business change management. She joined Fidelis in 2015 and became COO in July 2021 before assuming the Group COO role in January 2023. She holds an MBA and is a certified Project Management Professional (PMP).
    Ian HoustonGroup Chief Underwriting OfficerJanuary 16, 2023Ian Houston has over two decades of experience in the insurance industry. Before joining FIHL, he was General Manager of Partner Re Europe and held senior underwriting roles at PartnerRe. He holds a BA.Hons in Business Studies and is an associate of the Chartered Insurance Institute.
    Michael PearsonGroup Chief Risk OfficerJanuary 3, 2023Michael Pearson has over 35 years of experience in the insurance industry. He has held roles such as Chief Risk Officer at Lancashire and served as a senior independent non-executive director and chairman of the FUL board before becoming Group CRO. He is a chartered accountant and a fellow of the Chartered Insurance Institute.
    Jonathan StrickleGroup Chief Actuarial OfficerJanuary 3, 2023Jonathan Strickle joined Fidelis in March 2020 and became Group Chief Actuarial Officer in January 2023. He has held roles such as UK Chief Actuary and Group Head of Reserving. He is a Fellow of the Institute and Faculty of Actuaries and holds degrees from the University of Warwick.
    Janice WeidenbornerGroup Chief Legal OfficerJanuary 23, 2023Janice Weidenborner joined FIHL as Group Chief Legal Officer on January 23, 2023. She has held senior legal and operational roles at companies such as Weston Insurance, Third Point Reinsurance, and Ariel Reinsurance. She is experienced in legal, compliance, and HR leadership.
    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?