Fidelis Insurance downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Fidelis Insurance (FIHL) to Sell from Neutral with a price target of $16, down from $21. Fidelis is the most exposed to declining property catastrophe pricing as nearly all of the company’s book is property and short tail business, the analyst tells investors in a research note. Goldman expects Fidelis will start to feel the pressure of price declines on both growth and eventually on margins.