Fidelis Insurance Holdings Limited announced a net adverse prior year development of $287.2 million attributable to its Aviation and Aerospace line of business. This development occurred during the fourth quarter of 2024.
The reserve strengthening relates to business underwritten in 2021 and 2022, prior to the company's bifurcation, and is impacted by the ongoing Russia-Ukraine aviation litigation. This update was provided in advance of the company's fourth-quarter and full-year 2024 earnings report.
This significant adjustment to loss reserves indicates a material financial impact from the geopolitical conflict. The company is actively managing these exposures, but the announcement signals a notable challenge to its underwriting performance.
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