Pelagos Insurance Capital Limited · NYSE:PLGO
Pelagos Insurance Capital — Fidelis Insurance Holdings — FY2024 Earnings Presentation
21 slides from Pelagos Insurance Capital's earnings presentation, Feb 25, 2025
Slide 1: Investor Presentation December 31, 2024
Investor Presentation December 31, 2024
Slide 2: Cautionary Note Regarding Forward-Looking Statements
fidelisinsurance.com This presentation, the related press release, posts on our website and LinkedIn and the related discussion and analysis relating to our financial results for the three and twelve months ended December 31, 2024 contain, and our officers and representatives may from time to time m
Slide 3: Basis of Presentation: Business Descriptions
fidelisinsurance.com Basis of Presentation Business Descriptions Insurance Segment The Insurance segment comprises a portfolio of specialty risks. In addition to major specialty lines of business, this segment includes highly tailored products, where the buying motivation is often driven by regulato
Slide 4: Fidelis Insurance Group: At a Glance
fidelisinsurance.com $4.4 Billion Fidelis Insurance Group: At a Glance Note: 1. Results as at December 31, 2024, and market data per S&P Capital IQ as of February 24, 2025. 2. Business mix based on Gross Premiums Written for the full year ended December 31, 2024. 3. As of February 24, 2025. The fina
Slide 5: Why Invest in Fidelis Insurance Group
fidelisinsurance.com Why Invest in Fidelis Insurance Group Note: 1. This slide contains forward looking statements. See Cautionary Note Regarding Forward-Looking Statements on Slide 2. High quality, mature, and well positioned specialty insurance and reinsurance portfolio, enhanced by strategic part
Slide 6: Building on a Strong Foundation for Scale and Profitable Growth
fidelisinsurance.com Building on a Strong Foundation for Scale and Profitable Growth Note: 1. Calculated as the sum of losses and loss adjustment expenses, policy acquisition expenses and general and administrative expenses as a percentage of NPE in all periods except 2018. 6 2018 2019 2020 2021 202
Slide 7: Long-Term Shareholder Value Creation Framework
fidelisinsurance.com Long-Term Shareholder Value Creation Framework Underwriting Profitability Investment Returns Mid to High 80s% Long-Term Target Combined Ratio Embedded portfolio yield + new money rate 13-15% Long-Term Target Capital Management ■ Allocating capital into attractive underwriting op
Slide 8: A Mature and Well-Positioned Portfolio
fidelisinsurance.com 8 Property 29% Marine 18% Asset Backed Finance & Portfolio Credit 9% Aviation & Aerospace 8% Other Insurance 6% Political Risk, Violence & Terror 4% Energy 4% Cyber 2% Property Reinsurance 19% Retro & Whole Account 1% Over 100 products across our 10 major lines of business REINS
Slide 9: Driving Strong Premium and BVPS Growth
fidelisinsurance.com Book Value Common Dividends GPW ($bn) Book Value Per Diluted Common Share Driving Strong Premium and BVPS Growth Note: 1. As of the Separation Transactions on January 3, 2023. $3.0 2022 2023 2024 $3.6 $4.4 $16.24 $21.79 2022 2023 2024 $20.69 (1) 9 $0.40
Slide 10: Key 2024 Takeaways: Full Year Highlights
fidelisinsurance.com Key 2024 Takeaways Full Year Highlights Note: 1. Operating RoAE is a non-GAAP financial measure and is calculated as operating net income divided by adjusted average common shareholders’ equity. See Appendix for reconciliation. 2. Operating EPS is a non-GAAP financial measure an
Slide 11: Insurance Overview
fidelisinsurance.com 11 Insurance Overview Note: 1. The Fidelis Partnership fees are not allocated to the segment level and policy acquisition costs as presented in the underwriting ratio are third party acquisition costs. $2,413 $2,960 $3,539 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000
Slide 12: Reinsurance Overview
fidelisinsurance.com 12 Reinsurance Overview Note: 1. The Fidelis Partnership fees are not allocated to the segment level and policy acquisition costs as presented in the underwriting ratio are third party acquisition costs. • Primary Focus on Residential Property Catastrophe Reinsurance: The Reinsu
Slide 13: Diversified Investment Portfolio
fidelisinsurance.com Diversified Investment Portfolio 13 Note: 1. Includes Quasi Government and Non U.S.-Government securities. 2. Includes agency residential mortgage-backed and an immaterial amount of commercial mortgage-backed fixed maturity investments. 3. Includes cash and cash equivalents and
Slide 14: Robust Capital Position and Disciplined Approach to Capital Allocation
fidelisinsurance.com 14 Robust Capital Position and Disciplined Approach to Capital Allocation Note: 1. Annual yield is the annualized Q4 2024 dividend divided by $14.51, the closing share price as of February 24, 2025. 2. As of February 24, 2025. The ratings included in this presentation are provid
Slide 15: Favorable Prior Year Development and Reserving Philosophy
fidelisinsurance.com Despite market wide issues such as deterioration on natural catastrophe events and inflationary environment, Fidelis has experienced favorable prior year development every financial year since inception Reserving Philosophy We employ a robust reserving methodology with a consist
Slide 16: Underwriting Platform Facilitates Reliable Access to Attractive Risk
fidelisinsurance.com FIHL’s Chief Underwriting Officer and members of the FIHL underwriting team participate in daily underwriting calls with The Fidelis Partnership and oversee underwriting strategy and execution Underwriting Platform Facilitates Reliable Access to Attractive Risk Long-term strateg
Slide 17: Appendix
fidelisinsurance.com 17 Appendix
Slide 18: Framework Agreement with The Fidelis Partnership
fidelisinsurance.com Framework Agreement with The Fidelis Partnership A long-term relationship with aligned economic and strategic interest, designed to capture the core competencies of FIHL and The Fidelis Partnership (“TFP”) How it Works Fee Structure Note: 1. Pine Walk agreements are separate fro
Slide 19: Non-GAAP Financial Measures Reconciliation
fidelisinsurance.com Non-GAAP Financial Measures Reconciliation ($ in millions) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net income/(loss) $ (122.2) $ 228.3 $ $113.3 $ $2,132.5 Adjustment for net gain on distribution of The Fidelis Partnership – – – (1,639
Slide 20: Use of Non-GAAP Financial Measures
fidelisinsurance.com Use of Non-GAAP Financial Measures This Presentation includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) including operating net income, operating EPS, operating return on average commo
Slide 21: Fidelis Insurance Group
FIDELIS | INSURANCE GROUP fidelisinsurance.com +1441 279 2590 Wellesley House South 4th Floor, 90 Pitts Bay Road, Pembroke HM 08 Bermuda
Fidelis Insurance Holdings — FY2024 Earnings Presentation on 6ix