Here are 1-3 brief analogies for Fidelis Insurance (symbol: FIHL):

• Fidelis Insurance is like a **specialty AIG**, focused on complex global insurance and reinsurance.
• Fidelis Insurance is like **Chubb, but specializing in ultra-complex global risks and reinsurance.**
• Fidelis Insurance is like a **modern, publicly traded Lloyd's of London syndicate**, underwriting bespoke global insurance and reinsurance.

• Specialty Insurance: Fidelis provides tailored insurance coverage for complex and unique risks across various sectors, including aviation, marine, energy, cyber, and political risk.
• Reinsurance: The company offers reinsurance solutions to other insurers, primarily focusing on property catastrophe and other short-tail reinsurance lines globally.

Fidelis Insurance Holdings Limited (FIHL) operates primarily in the specialty insurance and reinsurance markets. This means its customer base is predominantly other businesses (B2B) rather than individuals.

Due to the highly competitive and confidential nature of the insurance and reinsurance industry, companies like Fidelis typically do not publicly disclose the names of their specific clients or ceding companies. Their business model relies on diversifying risk across a large number of policies and treaties with various clients globally, meaning no single customer is likely to represent a major, reportable portion of their overall revenue.

Therefore, while specific customer names cannot be provided, we can describe the categories of companies and entities that Fidelis Insurance serves:

• Other Insurance Companies (for Reinsurance): Fidelis provides reinsurance coverage to a wide array of primary insurance companies globally. These customers are other public and private insurance carriers across various lines of business, seeking to transfer portions of their underwriting risks to Fidelis. These could include large multi-line insurers, regional carriers, or specialized underwriters, though Fidelis does not name its specific ceding clients.
• Large Corporations and Institutions (for Specialty Insurance): For its specialty insurance segments (e.g., property, energy, marine, aviation, political risk, Directors & Officers (D&O), cyber), Fidelis underwrites complex and bespoke risks for large multinational corporations, public entities, and other sophisticated organizations. These clients typically operate in sectors requiring specialized and high-value coverage that goes beyond standard insurance offerings. Fidelis generally reaches these clients through global brokerage networks.

• Fidelis MGU

Daniel Burrows Group Chief Executive Officer and Executive Director

Daniel Burrows joined Fidelis at its inception in 2015, serving as UK CEO and CUO before becoming Group Chief Executive Officer in January 2023. He brings over 35 years of insurance experience, having previously held senior broking roles such as Head of Global Retrocession at the Benfield Group and CEO of Aon's Global Specialty division. From 2013 to 2015, he was co-CEO of Aon Benfield's Global Re Specialty (GRS) division, and prior to that, he was Deputy CEO of the GRS division from 2008 to 2013. His career began as a non-marine property broker at Greig Fester in the 1980s.

Allan Decleir Group Chief Financial Officer and Bermuda Chief Executive Officer

Allan Decleir assumed the role of Group Chief Financial Officer and Bermuda Chief Executive Officer in January 2023, having joined Fidelis as a consultant to Fidelis Insurance Bermuda Ltd. in June 2022. He possesses nearly three decades of experience in the (re)insurance industry. Prior to Fidelis, Mr. Decleir was an independent financial consultant for ThreeSeas Consulting Ltd. from June 2015 to December 2022. He previously held CFO positions at Platinum Underwriters from 2010 to 2015 and Stockton Reinsurance Limited from 1996 to 2003. He is a Chartered Professional Accountant (Chartered Accountant).

Jason Kittinger Group Chief Operating Officer

Jason Kittinger joined Fidelis in 2024 as Group Chief Operating Officer. He has over 20 years of experience in the insurance industry, including previous senior roles such as Chief Operating Officer and Chief Financial Officer at Arch Insurance International, which he joined in 2002. He also served on various boards for Arch in the UK, Ireland, and Australia.

Ian Houston Group and UK Chief Underwriting Officer

Ian Houston became Group and UK Chief Underwriting Officer at Fidelis in 2023. With over 20 years of professional underwriting experience, he previously held senior positions at PartnerRe, including Technical Director of specialty lines and Head of Group Retrocession, where he focused on strategy, risk appetite framework, and portfolio shaping.

Jonny Strickle Group Chief Actuarial Officer

Jonny Strickle joined Fidelis in 2020 as UK Chief Actuary and Group Head of Reserving, and was promoted to Group Chief Actuarial Officer in 2023. Before his time at Fidelis, he served as Head of Reserving for a Lloyd's syndicate and worked as an actuarial consultant at EY.

The key risks to Fidelis Insurance (FIHL) are:

1. Exposure to Catastrophe Losses and Geopolitical Events: Fidelis Insurance faces significant vulnerabilities from catastrophic events and geopolitical instability, which can directly impact its loss reserves and overall profitability. For instance, the company reported a substantial loss of $117 million linked to the Ukraine Conflict within its Specialty segment, contributing to a notable increase in the loss ratio to 59.7% in 2022 from 38.5% in 2021. More recently, the company experienced higher-than-expected catastrophe losses, with California wildfires in early 2025 estimated to cause losses between $160 million and $190 million for Fidelis. The continuing trend of such losses could erode underwriting profits, lead to earnings volatility, and potentially strain the company's capital position, limiting growth opportunities and shareholder returns.
2. Complexity of the Unique Operating Model (MGU Structure): Fidelis operates with a distinctive bifurcated balance sheet and a Managing General Underwriter (MGU) structure, where underwriting and business origination activities are outsourced to an affiliated third-party entity, Fidelis MGU. While intended to leverage specialized underwriting technology and talent, this unique approach may be difficult for investors to fully comprehend and value appropriately. This complexity could lead to reduced transparency, potentially resulting in a valuation discount compared to more traditionally structured insurance peers.
3. Regulatory Burdens and Intense Market Competition: The company is exposed to the risks associated with tightening regulations and intensifying competition within the insurance market. These factors have the potential to compress margins, limit pricing flexibility, and restrict the expansion of premiums and income. Heightened operating costs stemming from these pressures can also threaten profitability, amplify earnings volatility, and constrain shareholder value growth.

There are two clear emerging threats for Fidelis Insurance (FIHL):

1. Accelerating Impact of Climate Change on Underwriting Profitability and Capacity: The increasing frequency and severity of natural catastrophes (e.g., hurricanes, floods, wildfires) driven by climate change are fundamentally challenging traditional actuarial models and risk assessment capabilities. For a specialty re/insurer like Fidelis, whose business relies heavily on accurately pricing complex property and catastrophe risks, this trend threatens their ability to profitably underwrite. It can lead to higher claims costs, reduced capacity in highly exposed markets, and pressure from regulators and investors regarding their exposure to climate-related risks, thereby undermining their core business model.
2. Rapid Advancements in AI and Predictive Analytics by Competitors: The growing adoption of artificial intelligence (AI), machine learning (ML), and big data analytics by competing insurers and insurtechs poses a significant competitive threat. These technologies enable competitors to analyze vast datasets for more precise risk assessment, develop dynamic pricing models, automate underwriting processes, and streamline claims handling. If Fidelis does not keep pace with these technological advancements, they risk being outmaneuvered on pricing accuracy, efficiency, and speed, potentially leading to a loss of market share or adverse selection of risks, eroding their competitive advantage based on traditional underwriting expertise.

1. Disciplined Underwriting and Strong Pricing Power: Fidelis Insurance has demonstrated strong pricing power, as indicated by an overall Renewal Pricing Index (RPI) of 112% for the second quarter of 2024. The company emphasizes a disciplined approach to underwriting, focusing on profitable opportunities and deploying capital in areas with attractive risk-reward profiles. This selectivity ensures that Fidelis avoids business that does not meet its underwriting criteria, contributing to sustainable revenue growth.
2. Growth in Key Specialty and Reinsurance Segments: The Property direct and facultative segment has been a significant growth driver, with gross written premiums increasing by 37.4% in the second quarter of 2024 due to high client retention and new business. Similarly, the reinsurance segment has reported strong top-line results, driven by rate increases and the acquisition of new business. Fidelis aims to continue capitalizing on attractive growth opportunities within these segments.
3. Expansion through New Business and Client Retention: The company consistently highlights its ability to secure new business and maintain high retention rates with existing clients as a driver of gross written premium growth. This focus on both expanding its client base and nurturing existing relationships is crucial for sustained revenue expansion.
4. Strategic Partnerships and Development in Accretive Business Areas: Fidelis is actively exploring new partnerships and opportunities within accretive business segments, such as Asset-Backed Finance and Portfolio Credit. The company has noted a strong pipeline of structured credit deals and new partnerships, including with Euclid Mortgage, which are contributing to revenue from third-party relationships. These bespoke insurance lines are seen as being insulated from traditional insurance pricing cycles.

• Fidelis Insurance Holdings Ltd. renewed its share repurchase authorization to $200 million.
• In the first half of 2025, the company executed $110.8 million in common share repurchases, accounting for 6,923,116 shares.
• A notable transaction in Q2 2025 included a $50.0 million privately negotiated repurchase of 3,109,452 shares from CVC Falcon Holdings Limited.

• Fidelis Insurance Holdings Limited completed an Initial Public Offering (IPO) on July 3, 2023, listing its common shares on the NYSE under the symbol "FIHL."
• In June 2025, the company priced $400 million of 7.750% Fixed-Rate Reset Subordinated Notes due 2055, with proceeds aimed at redeeming preference shares and for general corporate purposes.

• On January 3, 2023, Fidelis Insurance Holdings Limited (FIHL) was established as a distinct holding company following "Separation Transactions," retaining the insurance operating subsidiaries.
• FIHL entered into a Framework Agreement, effective January 2023, granting it an exclusive right of first access to Fidelis MGU's underwriting business, establishing a long-term strategic partnership.