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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

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

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 Issue Credit Rating of “bb+” (Fair) of Fidelis’ $304 million, 9% preference shares, due 2050 ($58.4 million remains outstanding).

The Credit Ratings (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).

Fidelis maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), overall strong liquidity, a conservative investment portfolio and demonstrated adequate financial flexibility. Fidelis has reported reserve strengthening of $287.2 million for year-end 2024 for its aviation line of business for claims related to the Russia-Ukraine conflict. AM Best notes that the company’s fundamentals around capital management and disciplined underwriting remain strong, and that these events do not materially impact Fidelis’ balance sheet assessment. The company also announced a preliminary range for losses related to the California wildfires of $160 million to $190 million, which is based on an industry projected loss of $40 billion to $50 billion. These wildfire losses will be reflected in its first-quarter 2025 financials.

Fidelis’ operating performance has been supported by consistent underwriting gains and solid investment returns. The group’s disciplined underwriting, experienced management team and its acceptance and recognition by the market have allowed for a profitable underwriting performance over the past years. Performance also benefits from earnings generated through Fidelis’ diversified business platform, which includes managing general agencies and a sponsorship of a special-purpose insurer. Scale and access to highly selective underwriting capabilities through The Fidelis Partnership (TFP), the managing general underwriter that sources most of the group’s business, gives Fidelis the ability to be cautiously opportunistic. Fidelis’ investment returns also have benefited from its focus on holding the majority of its assets in fixed-income securities and cash and cash equivalents, with a small allocation to alternative investments.

Fidelis is a provider of specialty insurance, reinsurance and retrocession products with a global geographic reach. The company has received acceptance by the market over the years as evidenced by its significant premium growth and increased market share. The group 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 TFP.

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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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