AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a' (Excellent) for Fidelis Insurance Bermuda Limited, Fidelis Underwriting Limited, and Fidelis Insurance Ireland Designated Activity Company. The Long-Term ICR of 'bbb' (Good) was also affirmed for Fidelis Insurance Holdings Limited.
The ratings reflect Fidelis's balance sheet strength, assessed as very strong, along with adequate operating performance, a neutral business profile, and appropriate enterprise risk management. The company maintains the strongest level of risk-adjusted capitalization, strong liquidity, and a conservative investment portfolio.
AM Best acknowledged Fidelis's $287.2 million reserve strengthening for year-end 2024 related to the Russia-Ukraine aviation conflict, noting that these events do not materially impact Fidelis's balance sheet assessment. The report also announced a preliminary range for losses related to the California wildfires of $160 million to $190 million, which will be reflected in its first-quarter 2025 financials.
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