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Segments
 6 Months Ended
Jun. 30, 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 June 30, 2024
SpecialtyBespokeReinsuranceOtherTotal
Gross premiums written$756.5 $90.6 $346.1 $— $1,193.2 
Net premiums written424.6 27.9 217.4 — 669.9 
Net premiums earned349.2 93.0 58.9 — 501.1 
Losses and loss adjustment expenses(189.1)(32.9)(0.7)— (222.7)
Policy acquisition expenses(91.2)(33.4)(17.7)(75.0)(217.3)
General and administrative expenses— — — (24.4)(24.4)
Underwriting income68.9 26.7 40.5 (99.4)36.7 
Net realized and unrealized investment losses(7.0)
Net investment income46.0 
Corporate and other expenses(1.6)
Net foreign exchange losses(2.6)
Financing costs(8.6)
Income before income taxes62.9 
Income tax expense(9.2)
Net income$53.7 
Losses and loss adjustment expenses incurred - current year
(203.2)(75.7)(12.4)$(291.3)
Losses and loss adjustment expenses incurred - prior accident years
14.1 42.8 11.7 68.6 
Losses and loss adjustment expenses incurred - total
$(189.1)$(32.9)$(0.7)$(222.7)
Underwriting Ratios(1)
Loss ratio - current year58.2 %81.4 %21.1 %58.1 %
Loss ratio - prior accident years(4.0 %)(46.0 %)(19.9 %)(13.7 %)
Loss ratio - total54.2 %35.4 %1.2 %44.4 %
Policy acquisition expense ratio26.1 %35.9 %30.1 %28.4 %
Underwriting ratio80.3 %71.3 %31.3 %72.8 %
The Fidelis Partnership commissions ratio15.0 %
General and administrative expense ratio4.9 %
Combined ratio92.7 %
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Three Months Ended June 30, 2023
SpecialtyBespokeReinsuranceOtherTotal
Gross premiums written$657.3 $54.7 $245.2 $— $957.2 
Net premiums written461.8 30.1 123.2 — 615.1 
Net premiums earned307.2 90.4 31.5 — 429.1 
Losses and loss adjustment expenses(137.4)(16.2)(4.7)— (158.3)
Policy acquisition expenses(77.5)(36.9)(7.7)(52.6)(174.7)
General and administrative expenses— — — (18.6)(18.6)
Underwriting income92.3 37.3 19.1 (71.2)77.5 
Net realized and unrealized investment gains0.1 
Net investment income27.3 
Other loss(3.3)
Corporate and other expenses(1.5)
Net foreign exchange losses(0.1)
Financing costs(9.0)
Income before income taxes91.0 
Income tax expense(7.1)
Net income$83.9 
Losses and loss adjustment expenses incurred - current year
(132.5)(23.7)(4.5)$(160.7)
Losses and loss adjustment expenses incurred - prior accident years
(4.9)7.5 (0.2)2.4 
Losses and loss adjustment expenses incurred - total
$(137.4)$(16.2)$(4.7)$(158.3)
Underwriting Ratios(1)
Loss ratio - current year43.1 %26.2 %14.3 %37.5 %
Loss ratio - prior accident years1.6 %(8.3 %)0.6 %(0.6 %)
Loss ratio - total44.7 %17.9 %14.9 %36.9 %
Policy acquisition expense ratio25.2 %40.8 %24.4 %28.5 %
Underwriting ratio69.9 %58.7 %39.3 %65.4 %
The Fidelis Partnership commissions ratio12.3 %
General and administrative expense ratio4.3 %
Combined ratio82.0 %
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Six months ended June 30, 2024
SpecialtyBespokeReinsuranceOtherTotal
Gross premiums written$1,790.5 $244.1 $672.9 $— $2,707.5 
Net premiums written1,052.3 80.7 315.0 — 1,448.0 
Net premiums earned701.4 182.9 104.8 — 989.1 
Losses and loss adjustment expenses(363.6)(56.3)14.9 — (405.0)
Policy acquisition expenses(191.0)(63.7)(23.8)(151.7)(430.2)
General and administrative expenses— — — (48.0)(48.0)
Underwriting income146.8 62.9 95.9 (199.7)105.9 
Net realized and unrealized investment losses(16.0)
Net investment income87.0 
Corporate and other expenses(1.6)
Net foreign exchange losses(0.1)
Financing costs(17.2)
Income before income taxes158.0 
Income tax expense(23.1)
Net income$134.9 
Losses and loss adjustment expenses incurred - current year
(412.1)(107.4)(21.1)$(540.6)
Losses and loss adjustment expenses incurred - prior accident years
48.5 51.1 36.0 135.6 
Losses and loss adjustment expenses incurred - total
$(363.6)$(56.3)$14.9 $(405.0)
Underwriting Ratios(1)
Loss ratio - current year58.7 %58.7 %20.2 %54.6 %
Loss ratio - prior accident years(6.9 %)(27.9 %)(34.4 %)(13.7 %)
Loss ratio - total51.8 %30.8 %(14.2 %)40.9 %
Policy acquisition expense ratio27.2 %34.8 %22.7 %28.2 %
Underwriting ratio79.0 %65.6 %8.5 %69.1 %
The Fidelis Partnership commissions ratio15.3 %
General & administrative expense ratio4.9 %
Combined ratio89.3 %
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Six months ended June 30, 2023
SpecialtyBespokeReinsuranceOtherTotal
Gross premiums written$1,491.4 $205.5 $505.6 $— $2,202.5 
Net premiums written954.8 111.8 208.2 — 1,274.8 
Net premiums earned573.4 181.6 60.1 — 815.1 
Losses and loss adjustment expenses(278.1)(29.3)(10.5)— (317.9)
Policy acquisition expenses(143.8)(70.2)(13.1)(76.8)(303.9)
General and administrative expenses— — — (35.2)(35.2)
Underwriting income151.5 82.1 36.5 (112.0)158.1 
Net realized and unrealized investment gains2.9 
Net investment income47.7 
Other income0.2 
Net gain on distribution of The Fidelis Partnership1,639.1 
Corporate and other expenses(3.0)
Net foreign exchange losses(1.6)
Financing costs(17.6)
Income before income taxes1,825.8 
Income tax expense(9.3)
Net income$1,816.5 
Losses and loss adjustment expenses incurred - current year
(242.7)(45.6)(34.1)$(322.4)
Losses and loss adjustment expenses incurred - prior accident years
(35.4)16.3 23.6 4.5 
Losses and loss adjustment expenses incurred - total
$(278.1)$(29.3)$(10.5)$(317.9)
Underwriting Ratios(1)
Loss ratio - current year42.3 %25.1 %56.8 %39.6 %
Loss ratio - prior accident years6.2 %(9.0 %)(39.3 %)(0.6 %)
Loss ratio - total48.5 %16.1 %17.5 %39.0 %
Policy acquisition expense ratio25.1 %38.7 %21.8 %27.9 %
Underwriting ratio73.6 %54.8 %39.3 %66.9 %
The Fidelis Partnership commissions ratio9.4 %
General & administrative expense ratio4.3 %
Combined ratio80.6 %
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.