The following is a summary of the Fidelis Insurance Holdings Limited (FIHL) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Fidelis Insurance Holdings reported a strong financial performance for Q2 2024 with gross premiums written up by 24.7%, driven by double-digit growth across all segments.

• Operating net income for the quarter was $63 million, equating to $0.54 per diluted common share, supported by an annualized operating return on average equity of 10%.

• Investment income significantly increased to $46 million for the quarter, compared to $27.3 million in the same period last year.

Business Progress:

• The company is focusing on targeted growth in its Specialty segment, successfully converting several significant structured credit deals in the Bespoke segment.

• Expanded its global footprint by opening The Fidelis Partnership office in Abu Dhabi and entering Lloyd's through participation in Syndicate 3123, enhancing access to Middle Eastern markets and global licensing.

Opportunities:

• Continued market leadership and disciplined capital management offer attractive growth prospects, especially in Property Direct and Facultative, and bespoke structured credit deals.

• The company is set to capitalize on mature hard market conditions which remain favorable, especially for specialty insurance products.

Risks:

• Fidelis faces risks from increased catastrophe and large losses, particularly in the Specialty segment, impacting the combined ratios adversely. Additionally, recent losses in intellectual property insurance have led to ceasing underwriting in this product line.

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