The Fidelis Partnership reported US$4.6 billion in gross written premium (GWP) for the year ended Dec. 31, 2024, reflecting a 29% year-over-year increase, according to its full-year results.
Fidelis Insurance Group, the group’s primary capacity provider, contributed US$4.4 billion in GWP, marking 23% growth from 2023. The newly launched Syndicate 3123, which began underwriting during the year, added approximately US$200 million in its first six months of operation.
The group also reported expansion of its Pine Walk managing general agent platform, which wrote US$900 million in GWP. The platform added three new underwriting entities in 2024 –Novagen, Seraphina, and Silverflame Re – bringing the total number of MGAs under Pine Walk to 11.
Fidelis notably accelerated its BRICS+ growth strategy with the opening of an office in Abu Dhabi and the international launch of property-focused MGA Seraphina. The year also included the completion of a US$2 billion refinancing deal led by Blackstone in October 2024.
Executive chairman and CEO Richard Brindle (pictured above) said the group’s underwriting platform continued to grow on behalf of its main capacity providers, which include Fidelis Insurance Group, more than 60 quota share reinsurance partners, and the newly formed syndicate.
As revealed in its preliminary reporting last month, the re/insurance specialist announced that net income for the year was US$113.3 million, or US$0.98 per diluted common share, while operating net income totaled US$137 million, or US$1.18 per diluted common share.
Book value per diluted common share stood at US$21.79 as of Dec. 31, 2024, up 5.3% from US$20.69 at the end of 2023.
In 2023, the company also reported significant financial growth and improved profitability, posting US$3.6 billion in gross premiums written, an 18.6% increase from 2022.
The significant increase in net income for 2023 includes a net gain of US$1.6 billion from the distribution of Fidelis MGU and the establishment of a US$90 million net deferred tax asset related to Bermuda's corporate income tax enactment.
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