Fidelis Insurance Group

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

The MGA will be Fidelis MGU subsidiary Pine Walk’s eighth launch.

Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International.

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

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.

The carrier will aim to reduce its emissions by up to 49% by 2030.

Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.

The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.

The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.

Fidelis shares closed down from the $14 per share price set for the IPO, or a 0.8x multiple of its $17.19 book value per share at end of Q1 2023.

The carrier stands to raise $210mn from the offering.

The increase takes the carrier’s total reserves for the conflict to $145.6mn.