Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segments

4.           Segments

The chief operating decision maker (“CODM”) reviews the Group's ongoing underwriting operations across three operating segments: Specialty, Bespoke, and Reinsurance. In determining how to allocate resources and assess the performance of the Group's underwriting results, management considers many factors including the nature of the insurance product offered, the risks that are covered and the nature of the client.

The Specialty segment comprises a specialized portfolio of niche risks that includes Aviation and Aerospace, Energy, Marine, Property, Property Direct & Facultative (“D&F”) business and other specialty risks.

The Bespoke segment is highly specialized in nature providing customized risk solutions for clients, which includes Credit & Political Risk and other specific risk transfer opportunities.

The Reinsurance segment comprises a property catastrophe book, which includes Property Reinsurance, Retrocession and Whole Account reinsurance.

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:

	Three Months Ended March 31, 2024
	Specialty			Bespoke			Reinsurance			Other		Total
Gross premiums written	$	1,034.0		$	153.5		$	326.8		$	—	$	1,514.3
Net premiums written	627.7			52.8			97.6			—		778.1
Net premiums earned	352.2			89.9			45.9			—		488.0
Losses and loss adjustment expenses	(174.5)			(23.4)			15.6			—		(182.3)
Policy acquisition expenses	(99.8)			(30.3)			(6.1)			(76.7)		(212.9)
General and administrative expenses	—			—			—			(23.6)		(23.6)
Underwriting income	77.9			36.2			55.4			(100.3)		69.2
Net realized and unrealized investment losses												(9.0)
Net investment income												41.0
Net foreign exchange gains												2.5
Financing costs												(8.6)
Income before income taxes												95.1
Income tax expense												(13.9)
Net income												$	81.2
Losses and loss adjustment expenses incurred - current year	(208.9)			(31.7)			(8.7)					$	(249.3)
Losses and loss adjustment expenses incurred - prior accident years	34.4			8.3			24.3					67.0
Losses and loss adjustment expenses incurred - total	$	(174.5)		$	(23.4)		$	15.6				$	(182.3)
Underwriting Ratios(1)
Loss ratio - current year	59.3		%	35.2		%	18.9		%			51.1		%
Loss ratio - prior accident years	(9.8		%)	(9.2		%)	(52.9		%)			(13.7		%)
Loss ratio - total	49.5		%	26.0		%	(34.0		%)			37.4		%
Policy acquisition expense ratio	28.3		%	33.7		%	13.3		%			27.9		%
Underwriting ratio	77.8		%	59.7		%	(20.7		%)			65.3		%
The Fidelis Partnership commissions ratio												15.7		%
General and administrative expense ratio												4.8		%
Combined ratio												85.8		%

_________________

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

	Three Months Ended March 31, 2023
	Specialty			Bespoke			Reinsurance			Other		Total
Gross premiums written	$	834.1		$	150.8		$	260.4		$	—	$	1,245.3
Net premiums written	493.0			81.7			85.0			—		659.7
Net premiums earned	266.2			91.2			28.6			—		386.0
Losses and loss adjustment expenses	(140.7)			(13.1)			(5.8)			—		(159.6)
Policy acquisition expenses	(66.3)			(33.3)			(5.4)			(24.2)		(129.2)
General and administrative expenses	—			—			—			(16.6)		(16.6)
Underwriting income	59.2			44.8			17.4			(40.8)		80.6
Net realized and unrealized investment gains												2.8
Net investment income												20.4
Other income												3.5
Net gain on distribution of The Fidelis Partnership												1,639.1
Corporate and other expenses												(1.5)
Net foreign exchange losses												(1.5)
Financing costs												(8.6)
Income before income taxes												1,734.8
Income tax expense												(2.2)
Net income												$	1,732.6
Losses and loss adjustment expenses incurred - current year	(110.2)			(21.9)			(29.6)					$	(161.7)
Losses and loss adjustment expenses incurred - prior accident years	(30.5)			8.8			23.8					2.1
Losses and loss adjustment expenses incurred - total	$	(140.7)		$	(13.1)		$	(5.8)				$	(159.6)
Underwriting Ratios(1)
Loss ratio - current year	41.4		%	24.0		%	103.5		%			41.8		%
Loss ratio - prior accident years	11.5		%	(9.6		%)	(83.2		%)			(0.5		%)
Loss ratio - total	52.9		%	14.4		%	20.3		%			41.3		%
Policy acquisition expense ratio	24.9		%	36.5		%	18.9		%			27.2		%
Underwriting ratio	77.8		%	50.9		%	39.2		%			68.5		%
The Fidelis Partnership commissions ratio												6.3		%
General and administrative expense ratio												4.3		%
Combined ratio												79.1		%

__________________

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