Fidelis Insurance

The firm’s growth focus for 2024 will be in property D&F.

The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.

The Insurance Insider US news team runs you through the earnings results for the day.

The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.

SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.

The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.

The company is looking to intensify its underwriting focus following the split of Fidelis in July.

The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.

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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.