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Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments
3.           Segments
The chief operating decision maker (“CODM”) has been determined to be the Group Chief Executive Officer.
Our two reportable segments are defined as follows:
•The Insurance segment comprises a specialized portfolio of risks that includes Property, Marine, Asset Backed Finance & Portfolio Credit, Energy, Cyber, Aviation & Aerospace, Political Risk, Violence & Terror, and Other Insurance risks.
•The Reinsurance segment is primarily a property catastrophe book, with a smaller proportion of Retro & Whole Account business.
The Group also has an “Other” category that includes general and administrative expenses and The Fidelis Partnership commissions.
The CODM and management measure segment performance based on segment underwriting income. Segment underwriting income is used in (i) the annual budgeting and forecasting process, (ii) quarterly comparisons of budget to actual, (iii) quarterly comparisons of actual to prior year, and (iv) comparison of performance across segments.
The accounting policies of the segments are the same as those described in Note 2 (Significant Accounting Policies). Assets are not allocated to segments, nor are general and administrative expenses allocated between segments as employees, including underwriters, may work across different segments. The Fidelis Partnership commissions (see Note 13 (Related Party Transactions)) are not allocated to segments as they are not included in the measure of segment profit reviewed by the CODM, nor is a segment analysis of such expenses provided in other information reviewed by the CODM.
The following tables summarize the Group's segment disclosures:
2025
InsuranceReinsuranceOtherTotal
Gross premiums written$3,756.3 $961.3 $— $4,717.6 
Net premiums written2,531.9 476.7 — 3,008.6 
Net premiums earned1,899.4 394.3 — 2,293.7 
Losses and loss adjustment expenses(996.5)(93.3)— (1,089.8)
Policy acquisition expenses(557.6)(103.7)(328.8)(990.1)
General and administrative expenses— — (96.6)(96.6)
Underwriting income345.3 197.3 117.2 
Net investment income184.0 
Net realized and unrealized investment gains22.8 
Corporate and other expenses(1.2)
Net foreign exchange gains0.5 
Financing costs(47.7)
Income before income taxes275.6 
Income tax expense(50.1)
Net income$225.5 
Losses and loss adjustment expenses incurred - current year(918.9)(173.9)$(1,092.8)
Losses and loss adjustment expenses incurred - prior accident years(77.6)80.6 3.0 
Losses and loss adjustment expenses incurred - total$(996.5)$(93.3)$(1,089.8)
Underwriting Ratios(1)
Loss ratio - current year48.4%44.1%47.6%
Loss ratio - prior accident years4.1%(20.4%)(0.1%)
Loss ratio - total52.5%23.7%47.5%
Policy acquisition expense ratio29.4%26.3%28.8%
Underwriting ratio81.9%50.0%76.3%
The Fidelis Partnership commissions ratio14.3%
General and administrative expense ratio4.2%
Combined ratio94.8%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
2024
InsuranceReinsuranceOtherTotal
Gross premiums written$3,538.5 $864.6 $— $4,403.1 
Net premiums written2,050.4 344.2 — 2,394.6 
Net premiums earned1,902.4 355.7 — 2,258.1 
Losses and loss adjustment expenses(1,101.5)(54.3)— (1,155.8)
Policy acquisition expenses(604.6)(84.0)(311.1)(999.7)
General and administrative expenses— — (94.3)(94.3)
Underwriting income196.3 217.4 8.3 
Net investment income190.5 
Net realized and unrealized investment losses(28.6)
Corporate and other expenses(1.6)
Net foreign exchange gains1.6 
Financing costs(33.8)
Income before income taxes136.4 
Income tax expense(23.1)
Net income$113.3 
Losses and loss adjustment expenses incurred - current year(916.9)(114.3)$(1,031.2)
Losses and loss adjustment expenses incurred - prior accident years(184.6)60.0 (124.6)
Losses and loss adjustment expenses incurred - total$(1,101.5)$(54.3)$(1,155.8)
Underwriting Ratios(1)
Loss ratio - current year48.2%32.2%45.7%
Loss ratio - prior accident years9.7%(16.9%)5.5%
Loss ratio - total57.9%15.3%51.2%
Policy acquisition expense ratio31.8%23.6%30.5%
Underwriting ratio89.7%38.9%81.7%
The Fidelis Partnership commissions ratio13.8%
General and administrative expense ratio4.2%
Combined ratio99.7%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
2023
InsuranceReinsuranceOtherTotal
Gross premiums written$2,960.4 $618.6 $— $3,579.0 
Net premiums written1,880.5 256.1 — 2,136.6 
Net premiums earned1,577.0 255.6 — 1,832.6 
Losses and loss adjustment expenses(675.1)(23.7)— (698.8)
Policy acquisition expenses(429.1)(69.4)(225.3)(723.8)
General and administrative expenses— — (82.7)(82.7)
Underwriting income472.8 162.5 327.3 
Net investment income119.5 
Net realized and unrealized investment gains4.9 
Other income0.1 
Net gain on distribution of The Fidelis Partnership1,639.1 
Corporate and other expenses(4.1)
Net foreign exchange losses(4.1)
Financing costs(35.5)
Income before income taxes2,047.2 
Income tax benefit85.3 
Net income$2,132.5 
Losses and loss adjustment expenses incurred - current year(669.5)(92.2)$(761.7)
Losses and loss adjustment expenses incurred - prior accident years(5.6)68.5 62.9 
Losses and loss adjustment expenses incurred - total$(675.1)$(23.7)$(698.8)
Underwriting Ratios(1)
Loss ratio - current year42.4%36.1%41.5%
Loss ratio - prior accident years0.4%(26.8%)(3.4%)
Loss ratio - total42.8%9.3%38.1%
Policy acquisition expense ratio27.2%27.2%27.2%
Underwriting ratio70.0%36.5%65.3%
The Fidelis Partnership commissions ratio12.3%
General and administrative expense ratio4.5%
Combined ratio82.1%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
The following table summarizes gross premiums written by line of business within each underwriting segment.
202520242023
Insurance
Property$1,314.9 $1,279.6 $988.1 
Marine722.6 785.7 673.4 
Asset Backed Finance & Portfolio Credit531.0 399.2 293.3 
Energy208.8 192.5 172.1 
Cyber195.6 82.9 69.9 
Aviation & Aerospace172.2 339.5 371.8 
Political Risk, Violence & Terror156.6 204.2 221.7 
Other Insurance454.6 254.9 170.1 
Total Insurance3,756.3 3,538.5 2,960.4 
Reinsurance
Property Reinsurance931.6 832.9 596.8 
Retro & Whole Account29.7 31.7 21.8 
Total Reinsurance$961.3 $864.6 $618.6 
c) The following table presents gross premiums written by the geographical location of the Group’s subsidiaries:
202520242023
United Kingdom$2,423.7 $2,347.2 $1,977.0 
Bermuda1,854.8 1,448.4 1,047.5 
Republic of Ireland439.1 607.5 554.5 
Total$4,717.6 $4,403.1 $3,579.0 
The information presented above is after allocation of consolidation adjustments. Amounts relating to intergroup reinsurance are not included in the above table.