Fidelis Insurance coverage Group sees huge drop in web revenue

Fidelis Insurance coverage Group (formally Fidelis Insurance coverage Holdings Restricted) has launched its earnings report for the three months ended March 31.

Right here’s how Fidelis carried out within the quarter:

Based on Fidelis, the underwriting revenue for its specialty phase grew from $59.2 million to $77.9 million in Q1. Its bespoke phase, in the meantime, noticed a decline in underwriting revenue, from $44.8 million in the identical interval final yr to $36.2 million this time round. As for the group’s reinsurance phase, the underwriting revenue improved from $17.4 million to $55.4 million.

With out explaining the huge drop in web revenue, group chief government Dan Burrows (pictured) said: “2024 is off to a really robust begin as we construct on our momentum from 2023 and proceed capitalizing on engaging market alternatives.

“In keeping with our expectations, we delivered robust underwriting efficiency together with 21.6% development in gross premiums written and a mixed ratio of 85.8%. Moreover, we achieved an annualized working ROAE (return on common widespread fairness) of 14% and grew our guide worth per diluted widespread share to $21.22.

“As we sit up for the remainder of the yr, we’ll proceed to leverage our scale, deep relationships, and lead positioning to additional develop our enterprise. Our fundamentals are wonderful, we’ve got a powerful pipeline of alternatives, and we’re leaning in throughout engaging strains the place we anticipate to generate elevated underwriting profitability.

“Coupled with our proactive and disciplined strategy to funding and capital administration, we consider we’re effectively positioned to proceed delivering compelling returns by way of the cycle and creating worth for our shareholders.”

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