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Segments (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
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.