Fidelis (FIHL) Q1 2026 Earnings Transcript

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DATE

Thursday, May 14, 2026 astatine 9:00 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Daniel Burrows

• Chief Financial Officer — Allan Carl Decleir

• Chief Underwriting Officer — Jonathan Strickle

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Full Conference Call Transcript

Daniel Burrows: Thank you, Miranda. Good morning, everyone. And convey you for joining america today. I americium pleased to invited you to our archetypal net telephone arsenic Pelagos Insurance Capital. The Pelagos rebrand marks an breathtaking milestone and a deliberate measurement successful our evolution. Our caller sanction is simply a stronger, clearer reflection of who we are. An adept superior allocator accelerating our resilience precocious performing, diversified portfolio by bringing unneurotic strategical superior and underwriting expertise done our expanding assemblage of specializer partners. Our beardown archetypal 4th show builds connected our momentum from past year, I privation to item 3 cardinal areas that some underscore our advancement and presumption america good for continued success. First, we erstwhile again delivered fantabulous results.

Demonstrating the spot and flexibility of our superior allocator model. We achieved a combined ratio of 86.6%. generated annualized operating ROAE, of 15.2% and grew publication worth per diluted stock to $26.22. Including dividends, an summation of 7.2% successful the quarter, This represents our champion ever 4th of worth instauration for our shareholders. Second, our maturation this 4th highlights the unsocial advantages of our model. We grew gross premiums written by 7%, driven by our caller underwriting partners, And arsenic our level evolves, we volition proceed to grow connected this. What sets america isolated successful the marketplace is our quality to allocate superior crossed a divers and expanding beingness of organisation networks.

This gives america aggregate differentiated points of entree to the marketplace and allows america to execute with agility. Third, we proceed to successfully equilibrium profitable underwriting with meaningful superior returns. Creating important worth for shareholders. This is underscored by the accretion to our publication worth per stock which to reiterate accrued by 7.2% successful the archetypal 4th alone. We proceed to judge that our existent marketplace terms of banal is undervalued, and arsenic portion of our superior absorption strategy, we repurchased $219 cardinal of shares successful the quarter. This includes $163 cardinal bought done a privately negotiated transaction to repurchase each the remaining shares of 1 of our archetypal PE sponsors CVC.

Importantly, pursuing this strategical transaction, 65% of our shares are present successful the nationalist float. At existent marketplace valuation, we bash not expect immoderate further secondary travel connected offerings with our remaining archetypal and agelong word PE sponsors successful the adjacent term. Turning to our segments, Within insurance, we grew gross premiums written this 4th by 13%. Driven by the continued execution of our strategy to grow caller underwriting partnerships crossed aggregate lines of business. Property again delivered beardown show continued maturation and caller concern momentum. Our disciplined underwriting attack has enabled america to support our borderline done our enactment presumption and by optimizing our usage of our reinsurance. Even amid a competitory situation and complaint pressure.