AM Best Affirms Credit Ratings of Fidelis Insurance Holdings Limited and Its Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Fidelis Insurance Bermuda Limited (Bermuda), Fidelis Underwriting Limited (United Kingdom) and Fidelis Insurance Ireland Designated Activity Company (Ireland). In addition, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Fidelis Insurance Holdings Limited (Fidelis) (Bermuda), the ultimate holding company. Concurrently, AM Best has affirmed the Long-Term IR of “bbb-” (Good) to $400 million 7.75% fixed rate subordinated notes, due 2055. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Fidelis’ balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The very strong balance sheet strength assessment is supported by Fidelis’ strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), with absolute capital being underpinned by consistent earnings. The balance sheet strength assessment is also supported by prudent loss reserves and financial flexibility. A high credit quality fixed income portfolio provides ample liquidity.

Fidelis’ operating performance is assessed as adequate. Fidelis’ disciplined underwriting, experienced management team and its acceptance and recognition by the market have allowed for profitable underwriting performance over the past years. Operating performance has also benefited from earnings generated through Fidelis’ diversified business platform, which includes allocating underwriting capital to a number of insurers and funds at Lloyd’s. Further scale is achieved through access on a right of first refusal basis to business originated and underwritten by The Fidelis Partnership (TFP), a managing general underwriter, which gives Fidelis the ability to be cautiously opportunistic. Fidelis’ investment returns also benefit from its focus on holding most of its assets in fixed-income securities and cash and cash equivalents, with a small allocation to alternative investments.

The neutral business profile assessment is based on Fidelis being a provider of specialty insurance, reinsurance and retrocession products with a global geographic reach. Fidelis has received acceptance from the market over the years as evidenced by its significant premium growth and increased market share. Fidelis has a strong senior management team with vast industry experience and a proven track record.

Fidelis’ ERM is supported by robust governance frameworks that monitor and review business risks. Fidelis has established a comprehensive framework with defined functions and key performance indicators to oversee and validate opportunities flowing from TFP and other underwriting partners.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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