Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segments

3.           Segments

The chief operating decision maker (“CODM”) reviews the Group's ongoing underwriting operations across two operating segments: Insurance 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 Insurance segment comprises a specialized portfolio of risks that includes Property, Marine, Asset Backed Finance & Portfolio Credit, Aviation & Aerospace, Political Risk, Violence & Terror, Energy, Cyber, and Other Insurance risks.

•The Reinsurance segment is primarily a residential property catastrophe book, which includes Property and Retro & Whole Account reinsurance.

The Group also has an “Other” category that includes general and administrative expenses and The Fidelis Partnership commissions.

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 12, 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.

Prior to the fourth quarter of 2024, we reported our results across three operating segments (Specialty, Bespoke and Reinsurance), organized on the basis of insurance and reinsurance lines of business. In the fourth quarter of 2024, our CODM’s view of the business, how resources are allocated, and performance is assessed was amended so that the Bespoke segment was incorporated into the Specialty segment, and the Specialty segment was subsequently renamed as the Insurance segment. The results for the three months ended March 31, 2024 have been reclassified to conform to the new structure.

The following tables summarize the Group's segment disclosures:

	Three Months Ended March 31, 2025
	Insurance			Reinsurance			Other		Total
Gross premiums written	$	1,267.0		$	455.9		$	—	$	1,722.9
Net premiums written	808.9			217.5			—		1,026.4
Net premiums earned	511.9			91.1			—		603.0
Losses and loss adjustment expenses	(281.4)			(147.8)			—		(429.2)
Policy acquisition expenses	(148.2)			(19.7)			(78.4)		(246.3)
General and administrative expenses	—			—			(22.0)		(22.0)
Underwriting income/(loss)	82.3			(76.4)					(94.5)
Net investment income									49.5
Net realized and unrealized investment gains									5.9
Net foreign exchange losses									(2.5)
Financing costs									(8.7)
Loss before income taxes									(50.3)
Income tax benefit									7.8
Net loss									$	(42.5)
Losses and loss adjustment expenses incurred - current year	(288.9)			(181.1)					$	(470.0)
Losses and loss adjustment expenses incurred - prior accident years	7.5			33.3					40.8
Losses and loss adjustment expenses incurred - total	$	(281.4)		$	(147.8)				$	(429.2)
Underwriting Ratios(1)
Loss ratio - current year	56.5		%	198.8		%			78.0		%
Loss ratio - prior accident years	(1.5		%)	(36.6		%)			(6.8		%)
Loss ratio - total	55.0		%	162.2		%			71.2		%
Policy acquisition expense ratio	29.0		%	21.6		%			27.8		%
Underwriting ratio	84.0		%	183.8		%			99.0		%
The Fidelis Partnership commissions ratio									13.0		%
General and administrative expense ratio									3.6		%
Combined ratio									115.6		%

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

	Three Months Ended March 31, 2024
	Insurance			Reinsurance			Other		Total
Gross premiums written	$	1,186.8		$	327.5		$	—	$	1,514.3
Net premiums written	680.0			98.1			—		778.1
Net premiums earned	441.7			46.3			—		488.0
Losses and loss adjustment expenses	(197.8)			15.5			—		(182.3)
Policy acquisition expenses	(130.1)			(6.1)			(76.7)		(212.9)
General and administrative expenses	—			—			(23.6)		(23.6)
Underwriting income	113.8			55.7					69.2
Net investment income									41.0
Net realized and unrealized investment losses									(9.0)
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	(240.5)			(8.8)					$	(249.3)
Losses and loss adjustment expenses incurred - prior accident years	42.7			24.3					67.0
Losses and loss adjustment expenses incurred - total	$	(197.8)		$	15.5				$	(182.3)
Underwriting Ratios(1)
Loss ratio - current year	54.5		%	19.0		%			51.1		%
Loss ratio - prior accident years	(9.7		%)	(52.5		%)			(13.7		%)
Loss ratio - total	44.8		%	(33.5		%)			37.4		%
Policy acquisition expense ratio	29.5		%	13.2		%			27.9		%
Underwriting ratio	74.3		%	(20.3		%)			65.3		%
The Fidelis Partnership commissions ratio									15.7		%
General and administrative expense ratio									4.8		%
Combined ratio									85.8		%

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