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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.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel Burrows ExecutiveBoard | Group Chief Executive Officer | None | Daniel Burrows is the Group CEO of FIHL since January 3, 2023. He joined Fidelis in 2015 and has led Bermuda operations. Previously, he was co-CEO of Aon Benfield's Global Re Specialty division. | View Report → |
Allan Decleir Executive | Group Chief Financial Officer | None | Allan Decleir has been the Group CFO since January 3, 2023. He has over 27 years of experience in the (re)insurance industry and was previously a consultant to FIBL. | |
Denise Brown-Branch Executive | Group Chief Operating Officer | None | Denise Brown-Branch is the Group COO since January 3, 2023, with over 25 years of experience in strategic program delivery. | |
Ian Houston Executive | Group Chief Underwriting Officer | None | Ian Houston is the Group Chief Underwriting Officer since January 16, 2023. He has extensive experience in underwriting and risk management. | |
Janice Weidenborner Executive | Group Chief Legal Officer | None | Janice Weidenborner is the Group Chief Legal Officer since January 23, 2023, with extensive legal experience in the insurance sector. | |
Jonathan Strickle Executive | Group Chief Actuarial Officer | None | Jonathan Strickle has been the Group Chief Actuarial Officer since January 3, 2023, with a background in reserving and consulting. | |
Michael Pearson Executive | Group Chief Risk Officer | None | Michael Pearson has been the Group CRO since January 3, 2023, with over 35 years of experience in the insurance industry. | |
Warrick Beaver Executive | Chief People Officer | None | Warrick Beaver has been the Chief People Officer since March 2023, having joined FIHL as Head of HR in August 2022. | |
Cathy Iberg Board | Non-Executive Director | Vice President of Investments at St David’s Foundation | Cathy Iberg has been a Non-Executive Director since November 2, 2016, with a background in investment management. | |
Charles Collis Board | Non-Executive Director | Director at Conyers Dill & Pearman | Charles Collis has been a Non-Executive Director since May 15, 2023, specializing in insurance and reinsurance law. | |
Christine Dandridge Board | Non-Executive Director | Non-Executive Director at Equitas Limited, Hive Underwriting Limited, and more | Christine Dandridge has been a Non-Executive Director since October 25, 2023, with over four decades of experience in the specialty insurance market. | |
Dana LaForge Board | Non-Executive Director | Partner at Pine Brook, Board Member at several companies | Dana LaForge has been a Non-Executive Director since March 19, 2021, with extensive experience in financial services. | |
Daniel Brand Board | Non-Executive Director | Partner at CVC Capital Partners, Board Member at several companies | Daniel Brand has been a Non-Executive Director since July 26, 2021, with extensive experience in private equity. | |
Daniel Kilpatrick Board | Non-Executive Director | Partner at Crestview, Board Member at several companies | Daniel Kilpatrick has been a Non-Executive Director since November 15, 2022, with a focus on financial services strategy. | |
Helena Morrissey Board | Chair and Non-Executive Director | Chair of Altum Group, Advisory Board Member at various organizations | Helena Morrissey has been Chair and Non-Executive Director since January 3, 2023, with extensive leadership experience. | |
Hinal Patel Board | Non-Executive Director | CFO of MGU HoldCo | Hinal Patel has been a Non-Executive Director since January 3, 2023, with previous roles as Group CFO and Group Chief Actuary at FIHL. | |
Matthew Adams Board | Non-Executive Director | None | Matthew Adams has been a Non-Executive Director since October 25, 2023, with a 38-year career at PwC. |
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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?
Recent press releases and 8-K filings for FIHL.
- Completed an underwritten public offering of $400 million aggregate principal amount of 7.750% Fixed-Rate Reset Subordinated Notes due 2055.
- Notes bear 7.750% fixed interest per annum to, but excluding, June 15, 2035; thereafter reset every five years at the Five-Year Treasury Rate + 4.280%, with interest payable semi-annually on June 15 and December 15, commencing December 15, 2025.
- Features a Mandatory Deferral Event, requiring deferral of all interest payments if the Insurance Group breaches its Enhanced Capital Requirements.
- Priced $400 million aggregate principal amount of 7.750% Fixed-Rate Reset Subordinated Notes due 2055, with the offering expected to close on June 13, 2025.
- The Company will use a portion of the net proceeds to redeem its 9.00% Fixed Rate/Floating Rate Cumulative Preference Shares, Series A, with the remaining funds allocated for general corporate purposes.
- Wells Fargo Securities, Barclays, and Lloyds Securities are acting as joint book-running managers for the offering.
- Q1 2025 financials revealed a net loss of $42.5 million (or $(0.38) per diluted share) with a combined ratio of 115.6%, impacted by significant losses including California wildfire losses of $167 million and additional catastrophe losses totaling $333 million.
- Gross premiums written grew 14% to $1.7 billion (with the Insurance segment at $1.3 billion and Reinsurance at $456 million), while net premiums earned increased to $603 million driven by strong retention and new business opportunities.
- Capital management initiatives included repurchasing 2.7 million common shares for $41.5 million and 1.44 million shares for $22.1 million, alongside quarterly dividends of $0.10 per share, reinforcing disciplined capital allocation.
- The diversified portfolio across over 100 lines of business supports a robust underwriting environment and positions the firm to achieve its 10% growth ambition for the year.
- Significant progress was made in 2024 by strengthening business fundamentals, achieving profitable underwriting growth and boosting investment income.
- The company initiated a dividend policy and share repurchase program to return excess capital to shareholders, reflecting its solid capital management.
- Expansion into new distribution channels, including Lloyd’s Syndicate 3123, underlines its strategic partnerships and positioning for profitable growth in 2025.