Fidelis Insurance
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Along with D&F, Fidelis is looking to grow in marine construction and aviation.
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The syndicate will be Asta managed and have capacity from Hampden Names.
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The MGU is exploring additional third-party capital relationships.
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The firm’s growth focus for 2024 will be in property D&F.
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The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The company is looking to intensify its underwriting focus following the split of Fidelis in July.
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The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.
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Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.
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The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.
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After pricing below the expected range at its IPO, the Fidelis stock price slipped on the first day of trading - here's how other (re)insurance IPOs have gone since 2000.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Fidelis shares closed down from the $14 per share price set for the IPO, or a 0.8x multiple of its $17.19 book value per share at end of Q1 2023.
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The carrier stands to raise $210mn from the offering.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.