-$0.41 operating EPS beats -$0.47 consensus, compares with $0.74 in Q1 2024
$166.8 million California wildfires loss at low end of February estimate
115.6% combined ratio deteriorates from 85.8% in Q1 2024
GPW up 13.8% to $1.72 billion; insurance up 6.8%; reinsurance up 39.2%
By Michael Loney
May 14 - (The Insurer) - Fidelis Insurance Holdings Limited swung to an operating loss of $45.3 million for the first quarter of 2025, as wildfire losses pushed its combined ratio up 29.8 percentage points to 115.6%.
Bermuda-based Fidelis reported an operating net loss of $45.3 million for the quarter, which compared with operating income of $87.3 million in the same period of 2024.
The Q1 2025 result includes losses from the California wildfires of $166.8 million, net of expected recoveries, reinstatement premiums and tax.
The $0.41 operating loss per diluted common share beat the $0.47 loss per share consensus estimate of 10 analysts as per MarketWatch, and compared with operating earnings per share of $0.74 in Q1 2024.
Fidelis in its Q4 2024 results in February had estimated its California wildfire losses at between $160 million and $190 million, which would have been factored into analysts’ expectations for its first quarter 2025 earnings.
The underwriting loss for the first quarter of 2025 was $94.5 million, compared with underwriting income of $69.2 million in the prior-year period. The 115.6% combined ratio compared with 85.8% for Q1 2024.
Net favorable prior-year loss reserve development for the first quarter of 2025 was $40.8 million compared to $67.0 million in the prior-year period.
Total catastrophe and large losses for the first quarter of 2025 were $333.3 million compared to $103.0 million in the prior-year period, primarily driven by the California wildfires.
Gross premiums written grew 13.8% to $1.72 billion, from $1.51 billion in the first quarter of 2024
Insurance segment GPW increased to $1.27 billion from $1.19 billion due to new business opportunities in the asset backed finance and portfolio credit line, driven by a newly onboarded partnership, along with growth from new business opportunities in marine.
Reinsurance GPW increased to $455.9 million from $327.5 million primarily due to reinstatement premiums related to the California wildfires, as well as growth from new business.
"During the first quarter, we capitalized on new business opportunities across the portfolio and delivered 14% top-line growth,” said group CEO Dan Burrows.
Net investment income for the first quarter was $49.5 million compared to $41.0 million in the prior-year period.
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