v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments
3.           Segments
The chief operating decision maker (“CODM”) reviews the Company’s ongoing underwriting operations across two operating segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of the Company’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, Energy, Cyber, Aviation & Aerospace, Political Risk, Violence & Terror, and Other Insurance risks.
•The Reinsurance segment is primarily a property catastrophe book, with a smaller proportion of Retro & Whole Account business.
The Company 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.
The following tables summarize the Company’s segment disclosures:
Three Months Ended June 30, 2026
InsuranceReinsuranceOtherTotal
Gross premiums written$913.5 $383.3 $— $1,296.8 
Net premiums written543.5 225.7 — 769.2 
Net premiums earned514.7 66.4 — 581.1 
Losses and loss adjustment expenses(301.2)8.6 — (292.6)
Policy acquisition expenses(163.9)(22.0)(70.5)(256.4)
General and administrative expenses— — (29.3)(29.3)
Underwriting income49.6 53.0 2.8 
Net investment income44.0 
Net realized and unrealized investment gains24.9 
Corporate and other expenses(2.3)
Net foreign exchange losses(3.9)
Financing costs(12.6)
Income before income taxes52.9 
Income tax expense(8.5)
Net income$44.4 
Losses and loss adjustment expenses incurred - current year
(321.9)(3.4)$(325.3)
Losses and loss adjustment expenses incurred - prior accident years
20.7 12.0 32.7 
Losses and loss adjustment expenses incurred - total
$(301.2)$8.6 $(292.6)
Underwriting Ratios(1)
Loss ratio - current year62.5%5.1%56.0%
Loss ratio - prior accident years(4.0%)(18.1%)(5.6%)
Loss ratio - total58.5%(13.0%)50.4%
Policy acquisition expense ratio31.8%33.1%32.0%
Underwriting ratio90.3%20.1%82.4%
The Fidelis Partnership commissions ratio12.1%
General and administrative expense ratio5.0%
Combined ratio99.5%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Three Months Ended June 30, 2025
InsuranceReinsuranceOtherTotal
Gross premiums written$902.3 $316.7 $— $1,219.0 
Net premiums written546.2 152.7 — 698.9 
Net premiums earned458.9 79.1 — 538.0 
Losses and loss adjustment expenses(291.8)(4.9)— (296.7)
Policy acquisition expenses(148.9)(20.1)(70.6)(239.6)
General and administrative expenses— — (22.3)(22.3)
Underwriting income/(loss)18.2 54.1 (20.6)
Net investment income44.6 
Net realized and unrealized investment gains6.7 
Corporate and other expenses(1.2)
Net foreign exchange gains2.0 
Financing costs(9.3)
Income before income taxes22.2 
Income tax expense(2.5)
Net income$19.7 
Losses and loss adjustment expenses incurred - current year
(178.4)(29.1)$(207.5)
Losses and loss adjustment expenses incurred - prior accident years
(113.4)24.2 (89.2)
Losses and loss adjustment expenses incurred - total
$(291.8)$(4.9)$(296.7)
Underwriting Ratios(1)
Loss ratio - current year38.9%36.8%38.5%
Loss ratio - prior accident years24.7%(30.6%)16.6%
Loss ratio - total63.6%6.2%55.1%
Policy acquisition expense ratio32.4%25.4%31.4%
Underwriting ratio96.0%31.6%86.5%
The Fidelis Partnership commissions ratio13.1%
General and administrative expense ratio4.1%
Combined ratio103.7%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Six Months Ended June 30, 2026
InsuranceReinsuranceOtherTotal
Gross premiums written$2,349.6 $787.6 $— $3,137.2 
Net premiums written1,547.5 402.0 — 1,949.5 
Net premiums earned1,029.6 120.0 — 1,149.6 
Losses and loss adjustment expenses(529.0)12.6 — (516.4)
Policy acquisition expenses(303.1)(35.3)(157.3)(495.7)
General and administrative expenses— — (58.5)(58.5)
Underwriting income197.5 97.3 79.0 
Net investment income87.7 
Net realized and unrealized investment gains23.3 
Corporate and other expenses(2.7)
Net foreign exchange losses(4.0)
Financing costs(27.3)
Income before income taxes156.0 
Income tax expense(3.6)
Net income$152.4 
Losses and loss adjustment expenses incurred - current year
(534.5)(17.7)$(552.2)
Losses and loss adjustment expenses incurred - prior accident years
5.5 30.3 35.8 
Losses and loss adjustment expenses incurred - total
$(529.0)$12.6 $(516.4)
Underwriting Ratios(1)
Loss ratio - current year51.9%14.8%48.0%
Loss ratio - prior accident years(0.5%)(25.3%)(3.1%)
Loss ratio - total51.4%(10.5%)44.9%
Policy acquisition expense ratio29.4%29.4%29.4%
Underwriting ratio80.8%18.9%74.3%
The Fidelis Partnership commissions ratio13.7%
General and administrative expense ratio5.1%
Combined ratio93.1%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Six Months Ended June 30, 2025
InsuranceReinsuranceOtherTotal
Gross premiums written$2,169.3 $772.6 $— $2,941.9 
Net premiums written1,355.1 370.2 — 1,725.3 
Net premiums earned970.8 170.2 — 1,141.0 
Losses and loss adjustment expenses(573.2)(152.7)— (725.9)
Policy acquisition expenses(297.1)(39.8)(149.0)(485.9)
General and administrative expenses— — (44.3)(44.3)
Underwriting income/(loss)100.5 (22.3)(115.1)
Net investment income94.1 
Net realized and unrealized investment gains12.6 
Corporate and other expenses(1.2)
Net foreign exchange losses(0.5)
Financing costs(18.0)
Loss before income taxes(28.1)
Income tax benefit5.3 
Net loss$(22.8)
Losses and loss adjustment expenses incurred - current year
(467.3)(210.2)$(677.5)
Losses and loss adjustment expenses incurred - prior accident years
(105.9)57.5 (48.4)
Losses and loss adjustment expenses incurred - total
$(573.2)$(152.7)$(725.9)
Underwriting Ratios(1)
Loss ratio - current year48.1%123.5%59.4%
Loss ratio - prior accident years10.9%(33.8%)4.2%
Loss ratio - total59.0%89.7%63.6%
Policy acquisition expense ratio30.6%23.4%29.5%
Underwriting ratio89.6%113.1%93.1%
The Fidelis Partnership commissions ratio13.1%
General and administrative expense ratio3.9%
Combined ratio110.1%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.