Log In

Reset Password

Fidelis reports Q2 net income of $83.9m

First Prev 1 2 Next Last
Fidelis Insurance Group CEO Dan Burrows (Photograph supplied)

Bermudian-based Fidelis Insurance Holdings Limited has reported second-quarter net income available to common shareholders of $83.9 million.

That compares with net income available to common shareholders of $8.4 million for the second quarter of 2022.

Gross premiums written were $957.2 million, growth of 25.3 per cent from Q2 2022.

The combined ratio was 82 per cent, an improvement of 8.5 points from the prior-year quarter.

The annualised operating return on average common equity was 17.6 per cent.

The company completed an IPO on the New York Stock Exchange on July 3, raising $89.4 million in net proceeds through the issuance of 7,142,857 common shares at $14 per common share.

Dan Burrows, group chief executive, said: “It is an extremely exciting time for Fidelis Insurance Group and I’m delighted to present to you our first earnings release as a public company.

“Our second-quarter results are a testament to the strength of our business model and the continued execution of our strategy and our ability to generate value for our shareholders.

“Our second-quarter gross premiums written and combined ratio demonstrate our ability to capitalise on opportunities driven by favourable market conditions while remaining disciplined in our underwriting approach.

“Our half-year results have delivered an 80.6 per cent combined ratio, which represents annualised operating (return on average equity) of 18.2 per cent. Against a backdrop of high industry losses, our focus is on profitable growth with reduced volatility, resulting in attractive (return on equity) over the market cycle.”

Richard Brindle, chairman and CEO of the Fidelis MGU, added: “The timing of the separation of our companies has been excellent as it coincides with a broad-based hardening of both insurance and reinsurance markets.

“For me and my team, the ability to focus all our attention on underwriting opportunities, developing new products and widening our distribution is really energising.

“We know that Fidelis Insurance Group are doing a great job managing the capital and the investors, enabling us to grow the business and optimise our underwriting.

“The alignment between Fidelis MGU and Fidelis Insurance Group is working as designed, and we congratulate Dan and the team on their successful IPO.”

Richard Brindle, chairman and CEO of Fidelis MGU (File photograph)

You must be Registered or to post comment or to vote.

Published August 22, 2023 at 6:40 pm (Updated August 22, 2023 at 7:24 pm)

Fidelis reports Q2 net income of $83.9m

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon