Segments (Tables)

12 Months Ended

Dec. 31, 2025

The following tables summarize the Group's segment disclosures:


	2025
	Insurance			Reinsurance			Other		Total
Gross premiums written	$	3,756.3		$	961.3		$	—	$	4,717.6
Net premiums written	2,531.9			476.7			—		3,008.6
Net premiums earned	1,899.4			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 income	345.3			197.3					117.2
Net investment income									184.0
Net realized and unrealized investment gains									22.8

Corporate and other expenses									(1.2)
Net foreign exchange gains									0.5
Financing costs									(47.7)
Income before income taxes									275.6
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 year	48.4		%	44.1		%			47.6		%
Loss ratio - prior accident years	4.1		%	(20.4		%)			(0.1		%)
Loss ratio - total	52.5		%	23.7		%			47.5		%
Policy acquisition expense ratio	29.4		%	26.3		%			28.8		%
Underwriting ratio	81.9		%	50.0		%			76.3		%
The Fidelis Partnership commissions ratio									14.3		%
General and administrative expense ratio									4.2		%
Combined ratio									94.8		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.


	2024
	Insurance			Reinsurance			Other		Total
Gross premiums written	$	3,538.5		$	864.6		$	—	$	4,403.1
Net premiums written	2,050.4			344.2			—		2,394.6
Net premiums earned	1,902.4			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 income	196.3			217.4					8.3
Net investment income									190.5
Net realized and unrealized investment losses									(28.6)

Corporate and other expenses									(1.6)
Net foreign exchange gains									1.6
Financing costs									(33.8)
Income before income taxes									136.4
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 year	48.2		%	32.2		%			45.7		%
Loss ratio - prior accident years	9.7		%	(16.9		%)			5.5		%
Loss ratio - total	57.9		%	15.3		%			51.2		%
Policy acquisition expense ratio	31.8		%	23.6		%			30.5		%
Underwriting ratio	89.7		%	38.9		%			81.7		%
The Fidelis Partnership commissions ratio									13.8		%
General and administrative expense ratio									4.2		%
Combined ratio									99.7		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.


	2023
	Insurance			Reinsurance			Other		Total
Gross premiums written	$	2,960.4		$	618.6		$	—	$	3,579.0
Net premiums written	1,880.5			256.1			—		2,136.6
Net premiums earned	1,577.0			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 income	472.8			162.5					327.3
Net investment income									119.5
Net realized and unrealized investment gains									4.9
Other income									0.1
Net gain on distribution of The Fidelis Partnership									1,639.1
Corporate and other expenses									(4.1)
Net foreign exchange losses									(4.1)
Financing costs									(35.5)
Income before income taxes									2,047.2
Income tax benefit									85.3
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 year	42.4		%	36.1		%			41.5		%
Loss ratio - prior accident years	0.4		%	(26.8		%)			(3.4		%)
Loss ratio - total	42.8		%	9.3		%			38.1		%
Policy acquisition expense ratio	27.2		%	27.2		%			27.2		%
Underwriting ratio	70.0		%	36.5		%			65.3		%
The Fidelis Partnership commissions ratio									12.3		%
General and administrative expense ratio									4.5		%
Combined ratio									82.1		%

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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.


	2025		2024		2023
Insurance
Property	$	1,314.9	$	1,279.6	$	988.1
Marine	722.6		785.7		673.4
Asset Backed Finance & Portfolio Credit	531.0		399.2		293.3
Energy	208.8		192.5		172.1
Cyber	195.6		82.9		69.9
Aviation & Aerospace	172.2		339.5		371.8
Political Risk, Violence & Terror	156.6		204.2		221.7
Other Insurance	454.6		254.9		170.1
Total Insurance	3,756.3		3,538.5		2,960.4

Reinsurance
Property Reinsurance	931.6		832.9		596.8
Retro & Whole Account	29.7		31.7		21.8
Total Reinsurance	$	961.3	$	864.6	$	618.6

The following table presents gross premiums written by the geographical location of the Group’s subsidiaries: