Fidelis Insurance

Several Lloyd’s syndicates are also now providing cover for the federal insurer.

The London-based MGA will begin underwriting its international book next month.

After outsized losses, the (re)insurer still sees opportunity in a softening market.

The Insurance Insider US news team runs you through the earnings results for the day.

The reinsurance loss ratio improved by over 20 points with no notable cat losses for the quarter.

This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.

The business said it was experiencing strong momentum on the Island.

Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.

Net adverse development for the quarter increased 30% year on year to $89.2mn.

Nadia Beckert was promoted to Bermuda CUO in March.

The latest E&S player planning to IPO remains a “show me” story.

She will continue to work with the executive team on key projects and initiatives.

The company has settled, or is in the settlement stage, for 80% of the exposure.

The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.

Erik Manning is joining the business from BMS as head of ceded reinsurance.

Sills’ background, a strong backing, and laser-sharp E&S focus make Bowhead stand out.

Nadia Beckert joined the carrier as an underwriter in 2021.

The firm projects losses from the fires at between $160mn-$190mn.

The Insurance Insider US news team runs you through the earnings results for the day.

In tandem, it pegged its net cat loss estimate from California wildfires at $160mn-$190mn.

After one good year, giving back margin now will be “inexcusable”, the executive said.

The partnership is Fidelis Insurance Group’s first third-party capacity deal.

Cat losses increased 14.6% to $91.6mn, driven by Hurricane Helene and Storm Boris.

The executive spent 18 years in various finance roles at Arch.

The carrier also reported more difficulty than anticipated in realizing the value of collateral following the defaults.

The Insurance Insider US news team runs you through the earnings results for the day.

Travelers now holds around 6.2% of Fidelis, down from over 7.2%.

The shares are being sold by select shareholders in the group.

Along with D&F, Fidelis is looking to grow in marine construction and aviation.

The Insurance Insider US news team runs you through the earnings results for the day.

The syndicate will be Asta managed and have capacity from Hampden Names.

The MGU is exploring additional third-party capital relationships.

The firm’s growth focus for 2024 will be in property D&F.

The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.

The Insurance Insider US news team runs you through the earnings results for the day.

The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.

SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.

The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.

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.