Pelagos Insurance Capital Limited · NYSE:PLGO
Pelagos Insurance Capital — Fidelis Insurance Holdings — Investor Presentation (October 2023)
18 slides from Pelagos Insurance Capital's investor presentation, Oct 16, 2023
Slide 1: October 2023 Company Presentation
October 2023 Company Presentation Confidential
Slide 2: Fidelis Insurance Group Senior Management
2 Fidelis Insurance Group Senior Management Daniel Burrows Chief Executive Officer Joined Fidelis Insurance as UK CEO, CUO and founding member in 2015 before becoming Group Managing Director and member of the Executive team Instrumental in helping to build out the Fidelis underwriting portfolio
Slide 3: Fidelis Insurance Group: At A Glance
3 Dan Burrows Group CEO & Director 35+ Years of Exp Helena Morrissey, DBE Chair of the Board 35+ Years of Exp Fidelis Insurance Group: At A Glance High performing capital and investment management, supporting best-in-class underwriting(2)(4)... ...delivering one of the best Combined Ratios in the ma
Slide 4: Our Key Highlights
4 Our Key Highlights Significant Embedded Value & A Robust Capital Position Industry First Exclusive Distribution Relationship Built on the Best Track Record in Specialty Insurance A High Quality, Mature and Well-Positioned Portfolio Strong Alignment and Market Standard Fee Structure Delivering Attr
Slide 5: Industry First Exclusive Distribution Relationship
5 Industry First Exclusive Distribution Relationship Note: (1) Relationship overview reflects simplified entity structure; (2) Includes Fidelis Insurance Bermuda Limited (Bermuda), Fidelis Underwriting Limited (UK), Fidelis Insurance Ireland DAC (Ireland), and FIHL (UK) Services Limited Fidelis Insu
Slide 6: Built on the Best Track Record in Specialty Insurance
6 Built on the Best Track Record in Specialty Insurance +16.6 ppts Return on Capacity(1) +341 ppts Share Price Return(3) +13.7 ppts Underwriting Margin(5) 17.5% 0.9% Brindle's Lloyd's Syndicates Lloyd's Average 412% 71% Lancashire Peer Median 14.2% 0.5% Fidelis Peer Average Source: Company informati
Slide 7: A High Quality, Mature and Well-Positioned Portfolio
7 A High Quality, Mature and Well-Positioned Portfolio Specialty Bespoke Reinsurance Highly tailored, specialized products ranging in duration from days to long-tenor contracts Low attrition loss exposure and embedded value Specialized portfolio leveraging Fidelis MGU’s underwriting expertise 30 yea
Slide 8: A High Quality, Mature and Well-Positioned Portfolio (Cont'd)
8 A High Quality, Mature and Well-Positioned Portfolio (Cont’d) Source: Company information; Note: (1) Peers for Bespoke and Specialty include Arch, Argo, Aspen, Markel, W. R. Berkley, Hiscox, Beazley, Lancashire; peers for Reinsurance include Everest Re, Axis Capital, and Renaissance Re; (2) Willis
Slide 9: Benefiting from Continued Compounding Rate Increases in the Best Market for 20 Years
9 Benefiting from Continued Compounding Rate Increases in the Best Market for 20 Years 4 Source: Company information; Note: RPIs defined as annual renewal price increases, or the annual percentage change in renewal prices Reinsurance Supply/demand imbalance continues to drive rates increase througho
Slide 10: Extensive Underwriting, Capital and Investment Management Experience
10 Extensive Underwriting, Capital and Investment Management Experience Jonathan Strickle Group Chief Actuary 14+ Years of Exp Helena Morrissey, DBE Chair of the Board 35+ Years of Exp Allan Decleir Group CFO & Director 35+ Years of Exp Ian Houston Group CUO 35+ Years of Exp Janice Weidenborner Grou
Slide 11: Strong Alignment and Market Standard Fee Structure
11 Strong Alignment and Market Standard Fee Structure Long-term, exclusive access to one of the most renowned underwriting teams in the industry Structure accepted by regulators and rating agencies with no associated client or broker attrition Source: Company information; Note: (1) Both Fidelis MGU
Slide 12: Significant Embedded Value & A Robust Capital Position
12 Significant Embedded Value & A Robust Capital Position Robust Capital Position and Conservative Reserving Capital Strength and Balance Sheet Scale Shorter Duration Business Allows for Quick Reactions Conservative Approach to Reserving Strong Governance History of Favorable PYD Buffer to Independe
Slide 13: High Quality, Short Duration Investment Portfolio
13 Note: (1) As of December 31, 2022; (2) Represents cash and cash equivalents and restricted cash and cash equivalents; (3) Consists of corporate securities and US government and agencies securities as a percentage of total fixed maturity and short- term investments portfolio; (4) Represents percen
Slide 14: Delivering Attractive Results
14 Delivering Attractive Results GPW ($bn) Operating ROAE (Annualized)(2) Source: Company information, S&P Capital IQ. Note: (1) Average calculated from peer group includes Arch, Argo, Aspen, Markel, W. R. Berkley, Hiscox, Beazley, Lancashire, Everest Re, Axis Capital and Renaissance Re. (2) Operati
Slide 15: Outlook
15 Outlook Highly Visible Growth Underwriting Profitability at Scale ✓ Strong continued organic growth driven by attractive market conditions ✓ Earnout of existing profitable unearned premium reserve (Bespoke/Specialty) ✓ Leading combined ratio and efficient capital deployment ✓ Expect consistent fu
Slide 16: Summary and Closing Remarks
16 Summary and Closing Remarks Significant Embedded Value & A Robust Capital Position Industry First Exclusive Distribution Relationship Built on the Best Track Record in Specialty Insurance A High Quality, Mature and Well-Positioned Portfolio Strong Alignment and Market Standard Fee Structure Deliv
Slide 17: Important Notice
17 This presentation (the “Presentation”) is being shared with you (the “Recipient”) on behalf of Fidelis Insurance Holdings Limited (the “Company”). This Presentation is made solely for informational purposes containing publicly available information about the Company by way of background. This Pre
Slide 18: Annex A – Non-GAAP Financial Measures Reconciliation (Unaudited)
18 Annex A – Non-GAAP Financial Measures Reconciliation (Unaudited) Operating net income: is a non-GAAP financial measure of our performance which does not consider the impact of certain non-recurring and other items that may not properly reflect the ordinary activities of our business, its performa
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