FIDELIS INSURANCE HOLDINGS L Business Summary

Fidelis Insurance Holdings Limited (FIHL) operates a capital-efficient business model centered on global specialty insurance and reinsurance, generating revenue primarily through net earned premiums and investment income. The company’s operations are bifurcated into two primary segments: Insurance and Reinsurance. The Insurance segment encompasses the "Specialty" pillar (aviation, marine, energy, and cyber) and the "Bespoke" pillar (credit and political risk), while the Reinsurance segment focuses on property catastrophe and retrocession. FIHL distinguishes itself through a long-term strategic partnership with The Fidelis Partnership (formerly Fidelis MGU), which provides underwriting and origination services, allowing FIHL to maintain a lean corporate structure while accessing high-alpha risks. In the competitive landscape, FIHL competes directly with Arch Capital Group, Beazley plc, and Lancashire Holdings. It occupies a specialized niche as an agile, mid-sized carrier that prioritizes risk selection and capital flexibility over the massive scale of diversified peers like Everest Group. The leadership team is led by Group CEO Dan Burrows, an industry veteran with over 35 years of experience, including senior roles at Aon Benfield and Guy Carpenter. He is supported by Group CFO Allan Decleir, formerly the CFO of Platinum Underwriters, and Group COO Jason Kittinger, who previously served as COO and CFO of Arch Insurance International. Recent key appointments include Shane O'Donovan, promoted to Group Chief Actuary in February 2026 to oversee global capital allocation. While the company was founded by Richard Brindle—who now leads the affiliated Fidelis Partnership—the FIHL board remains influential, featuring Independent Non-Executive Chair Helena Morrissey, a prominent figure in global finance. The company’s institutional pedigree is reinforced by a blue-chip investor base, with major shareholders including CVC Capital Partners, Crestview Partners, and Pine Brook Road Advisors, alongside strategic participation from The Travelers Companies and the Abu Dhabi Investment Authority (ADIA).