Fidelis Insurance Holdings Limited 2024 Financial Overview
In its full-year 2024 results, Fidelis Insurance Holdings Limited revealed that its reinsurance segment saw an underwriting income of $217.4 million, up $54.9 million from 2023. Gross Premiums Written (GPW) in the firm’s reinsurance segment also increased, reaching $864.6 million, compared to $618.6 million in 2023. As per Fidelis, the increase in GPW in this segment was driven by new business and rate increases.
Meanwhile, GPW in Fidelis’ insurance segment grew to $3.54 billion in 2024, primarily driven by growth from new business and improved rates in its Property, Marine, Asset Backed Finance & Portfolio Credit and Other Insurance lines of business. However, the firm’s insurance segment saw its underwriting income drop to $196.3 million in 2024, down from $472.8 million in 2023.
Catastrophe and Loss Analysis
Catastrophe and large losses totaled $440.2 million in the insurance segment and $68.8 million in the reinsurance segment, both increasing from 2023. Fidelis’ total catastrophe and large losses for 2024 were $509 million, compared to $288.2 million in 2023. Fidelis also reported a net adverse prior-year loss reserve development of $124.6 million in 2024, a sharp contrast to the net favorable development of $62.9 million in 2023. In Q4 alone, Fidelis’ net adverse prior-year loss reserve development surged to $270.3 million, compared to $15.1 million of net favorable development in the same period of 2023.
Financial Highlights
With this in mind, the firm’s total net income for 2024 was $113.3 million, down substantially from $2.132 billion in 2023. Fidelis’ total 2024 underwriting income was $8.3 million, with a combined ratio of 99.7%, compared to an underwriting income of $327.3 million and a combined ratio of 82.1% for 2023.
CEO Statement
Dan Burrows, Group Chief Executive Officer of Fidelis Insurance Group, commented, “In 2024, we executed our underwriting strategy with 23% gross premium growth across our portfolio. We also achieved strong investment income and returned $152 million in capital to common shareholders through dividends and opportunistic share repurchases.”
He added, “As we look ahead, we are well-positioned to drive profitable growth as we capitalize on our market access, the strength of our relationships, and strategic capital management, supported by the strength of our balance sheet.”
“By leveraging our differentiated expertise and taking a proactive approach to risk management, we will continue to effectively navigate market challenges, pursue accretive growth opportunities, and deliver sustainable value for our shareholders.”
