Fidelis Insurance

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.

The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.

The company is looking to intensify its underwriting focus following the split of Fidelis in July.

The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.

Need to Know

The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.