Fidelis Insurance Holdings Ltd. ( (FIHL) ) has released its Q3 earnings. Here is a breakdown of the information Fidelis Insurance Holdings Ltd. presented to its investors.
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Fidelis Insurance Holdings Ltd. is a global specialty insurer headquartered in Bermuda, offering tailored insurance solutions through its Specialty, Bespoke, and Reinsurance segments. In its third-quarter earnings report for 2024, Fidelis reported impressive growth, with gross premiums written increasing by 25.2% year-over-year, reaching $741.9 million. The company achieved a combined ratio of 87.4% and an annualized operating return on average common equity of 16.4%. Net income for the quarter was $100.6 million, translating to $0.88 per diluted share.
Fidelis exhibited strong financial performance, with substantial increases in gross premiums and net investment income. The company repurchased 4.3 million common shares, reflecting its commitment to enhancing shareholder value. The Specialty segment saw notable growth, particularly in Property D&F and Marine lines, while the Bespoke segment experienced improved loss ratios due to fewer large losses and lower attritional losses.
The Reinsurance segment also reported growth in gross premiums driven by new business and rate increases. However, the loss ratio in this segment increased due to lower favorable prior year development. Despite challenges such as catastrophe losses, Fidelis managed to maintain favorable underwriting results across its diversified portfolio.
Looking forward, Fidelis remains focused on leveraging its scale and market positioning to identify growth opportunities and deliver superior underwriting results. The company aims to continue its strategic initiatives to drive growth and value creation for shareholders.
