Fidelis Insurance Holdings Ltd
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
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Jun 30, 2024 · Filed Aug 14, 2024
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Contents
EX-99.1 · Bespoke Segment
Bespoke Segment
The following table is a summary of our Bespoke segment’s underwriting results:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| ($ in millions) | ||||||
| Gross premiums written | $90.6 | $54.7 | $35.9 | $244.1 | $205.5 | $38.6 |
| Reinsurance premium ceded | (62.7) | (24.6) | (38.1) | (163.4) | (93.7) | (69.7) |
| Net premiums written | 27.9 | 30.1 | (2.2) | 80.7 | 111.8 | (31.1) |
| Net premiums earned | 93.0 | 90.4 | 2.6 | 182.9 | 181.6 | 1.3 |
| Losses and loss adjustment expenses | (32.9) | (16.2) | (16.7) | (56.3) | (29.3) | (27.0) |
| Policy acquisition expenses | (33.4) | (36.9) | 3.5 | (63.7) | (70.2) | 6.5 |
| Underwriting income | $26.7 | $37.3 | $(10.6) | $62.9 | $82.1 | $(19.2) |
| Loss ratio | 35.4% | 17.9% | 17.5 pts | 30.8% | 16.1% | 14.7 pts |
| Policy acquisition expense ratio | 35.9% | 40.8% | (4.9) pts | 34.8% | 38.7% | (3.9) pts |
| Underwriting ratio | 71.3% | 58.7% | 12.6 pts | 65.6% | 54.8% | 10.8 pts |
For the three and six months ended June 30, 2024, our GPW increased primarily driven by new business in our Credit and Political Risk line of business.
For the three and six months ended June 30, 2024, our NPE remained consistent compared to the prior year periods.
Our policy acquisition expense ratio for the three and six months ended June 30, 2024 decreased due to changes in the mix of business written and ceded, and commissions earned from reinsurance partners.
Our underwriting ratio in the Bespoke segment increased by 12.6 points and 10.8 points for the three and six months ended June 30, 2024, respectively, from the prior year periods, driven by an increase in our loss ratio.
The following table is a summary of our Bespoke segment’s losses and loss adjustment expenses:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | 2024 | 2023 | Change | |
| ($ in millions) | ||||||
| Attritional losses | $16.1 | $19.9 | $(3.8) | $43.6 | $38.8 | $4.8 |
| Large losses | 59.6 | 3.8 | 55.8 | 63.8 | 6.8 | 57.0 |
| Favorable prior year development | (42.8) | (7.5) | (35.3) | (51.1) | (16.3) | (34.8) |
| Losses and loss adjustment expenses | $32.9 | $16.2 | $16.7 | $56.3 | $29.3 | $27.0 |
| Loss ratio - attritional losses | 17.3% | 22.0% | (4.7) pts | 23.8% | 21.4% | 2.4 pts |
| Loss ratio - large losses | 64.1% | 4.2% | 59.9 pts | 34.9% | 3.7% | 31.2 pts |
| Loss ratio - prior accident years | (46.0)% | (8.3)% | (37.7) pts | (27.9)% | (9.0)% | (18.9) pts |
| Loss ratio | 35.4% | 17.9% | 17.5 pts | 30.8% | 16.1% | 14.7 pts |
For the three and six months ended June 30, 2024, our loss ratio in the Bespoke segment increased by 17.5 points and 14.7 points, respectively, compared to the prior year periods, driven by an increase in our large loss ratio.
The attritional loss ratio for the three months ended June 30, 2024 improved by 4.7 points compared to the prior year period due to a lower level of small losses in the current year period.
The attritional loss ratio for the six months ended June 30, 2024 increased by 2.4 points compared to the prior year period due to a higher level of small losses in the current year period.
The large losses in the three months and six months ended June 30, 2024 related to intellectual property losses in our Credit & Political Risk line of business compared to minimal large losses in the three and six months ended June 30, 2023.
The favorable prior year development for the three and six months ended June 30, 2024 was driven by benign attritional experienceand favorable claims settlements.
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