v3.26.3
Segments
 9 Months Ended
Sep. 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 September 30, 2026
InsuranceReinsuranceOtherTotal
Gross premiums written$686.1 $153.7 $— $839.8 
Net premiums written520.5 71.8 — 592.3 
Net premiums earned634.0 149.7 — 783.7 
Losses and loss adjustment expenses(341.6)(10.3)— (351.9)
Policy acquisition expenses(193.8)(44.7)(96.8)(335.3)
General and administrative expenses— — (29.5)(29.5)
Underwriting income98.6 94.7 67.0 
Net investment income44.6 
Net realized and unrealized investment losses(27.4)
Corporate and other expenses(0.3)
Net foreign exchange gains2.0 
Financing costs(12.5)
Income before income taxes73.4 
Income tax expense(11.7)
Net income$61.7 
Losses and loss adjustment expenses incurred - current year
(325.8)(21.4)$(347.2)
Losses and loss adjustment expenses incurred - prior accident years
(15.8)11.1 (4.7)
Losses and loss adjustment expenses incurred - total
$(341.6)$(10.3)$(351.9)
Underwriting Ratios(1)
Loss ratio - current year51.4%14.3%44.3%
Loss ratio - prior accident years2.5%(7.4%)0.6%
Loss ratio - total53.9%6.9%44.9%
Policy acquisition expense ratio30.6%29.9%30.4%
Underwriting ratio84.5%36.8%75.3%
The Fidelis Partnership commissions ratio12.4%
General and administrative expense ratio3.8%
Combined ratio91.5%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Three Months Ended September 30, 2025
InsuranceReinsuranceOtherTotal
Gross premiums written$605.8 $191.7 $— $797.5 
Net premiums written388.5 115.7 — 504.2 
Net premiums earned456.5 143.3 — 599.8 
Losses and loss adjustment expenses(177.0)(3.7)— (180.7)
Policy acquisition expenses(137.2)(42.1)(87.1)(266.4)
General and administrative expenses— — (27.2)(27.2)
Underwriting income142.3 97.5 125.5 
Net investment income45.9 
Net realized and unrealized investment gains6.2 
Net foreign exchange losses(1.7)
Financing costs(15.1)
Income before income taxes160.8 
Income tax expense(30.3)
Net income$130.5 
Losses and loss adjustment expenses incurred - current year
(179.7)(17.0)$(196.7)
Losses and loss adjustment expenses incurred - prior accident years
2.7 13.3 16.0 
Losses and loss adjustment expenses incurred - total
$(177.0)$(3.7)$(180.7)
Underwriting Ratios(1)
Loss ratio - current year39.4%11.9%32.8%
Loss ratio - prior accident years(0.6%)(9.3%)(2.7%)
Loss ratio - total38.8%2.6%30.1%
Policy acquisition expense ratio30.1%29.4%29.9%
Underwriting ratio68.9%32.0%60.0%
The Fidelis Partnership commissions ratio14.5%
General and administrative expense ratio4.5%
Combined ratio79.0%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Nine Months Ended September 30, 2026
InsuranceReinsuranceOtherTotal
Gross premiums written$3,035.7 $941.3 $— $3,977.0 
Net premiums written2,068.0 473.8 — 2,541.8 
Net premiums earned1,663.6 269.7 — 1,933.3 
Losses and loss adjustment expenses(870.6)2.3 — (868.3)
Policy acquisition expenses(496.9)(80.0)(254.1)(831.0)
General and administrative expenses— — (88.0)(88.0)
Underwriting income296.1 192.0 146.0 
Net investment income132.3 
Net realized and unrealized investment losses(4.1)
Corporate and other expenses(3.0)
Net foreign exchange losses(2.0)
Financing costs(39.8)
Income before income taxes229.4 
Income tax expense(15.3)
Net income$214.1 
Losses and loss adjustment expenses incurred - current year
(860.3)(39.1)$(899.4)
Losses and loss adjustment expenses incurred - prior accident years
(10.3)41.4 31.1 
Losses and loss adjustment expenses incurred - total
$(870.6)$2.3 $(868.3)
Underwriting Ratios(1)
Loss ratio - current year51.7%14.5%46.5%
Loss ratio - prior accident years0.6%(15.4%)(1.6%)
Loss ratio - total52.3%(0.9%)44.9%
Policy acquisition expense ratio29.9%29.7%29.8%
Underwriting ratio82.2%28.8%74.7%
The Fidelis Partnership commissions ratio13.1%
General and administrative expense ratio4.6%
Combined ratio92.4%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
Nine Months Ended September 30, 2025
InsuranceReinsuranceOtherTotal
Gross premiums written$2,775.1 $964.3 $— $3,739.4 
Net premiums written1,743.6 485.9 — 2,229.5 
Net premiums earned1,427.3 313.5 — 1,740.8 
Losses and loss adjustment expenses(750.2)(156.4)— (906.6)
Policy acquisition expenses(434.3)(81.9)(236.1)(752.3)
General and administrative expenses— — (71.5)(71.5)
Underwriting income242.8 75.2 10.4 
Net investment income140.0 
Net realized and unrealized investment gains18.8 
Corporate and other expenses(1.2)
Net foreign exchange losses(2.2)
Financing costs(33.1)
Income before income taxes132.7 
Income tax expense(25.0)
Net income$107.7 
Losses and loss adjustment expenses incurred - current year
(647.0)(227.2)$(874.2)
Losses and loss adjustment expenses incurred - prior accident years
(103.2)70.8 (32.4)
Losses and loss adjustment expenses incurred - total
$(750.2)$(156.4)$(906.6)
Underwriting Ratios(1)
Loss ratio - current year45.4%72.5%50.2%
Loss ratio - prior accident years7.2%(22.6%)1.9%
Loss ratio - total52.6%49.9%52.1%
Policy acquisition expense ratio30.4%26.1%29.7%
Underwriting ratio83.0%76.0%81.8%
The Fidelis Partnership commissions ratio13.6%
General and administrative expense ratio4.1%
Combined ratio99.5%
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.