Fidelis Insurance Holdings Ltd. has approved an expanded capital return strategy, renewing its share repurchase authorization to $200 million and increasing its quarterly dividend to $0.15 per share.
The move builds on $132.8 million returned to shareholders in the first half of 2025, which included $110.8 million in share repurchases and $22 million in dividends. During the second quarter, Fidelis repurchased 3.1 million shares in a privately negotiated $50 million transaction with CVC Falcon Holdings Limited, one of its long-time shareholders.
CEO Dan Burrows (pictured) said the strategy reflects a focus on both underwriting opportunities and shareholder value.
“We firmly believe that our current stock price does not reflect the true value of our company. The increased repurchase authorisation gives us flexibility to act on that view,” Burrows said.
The company plans to carry out share repurchases through a mix of open market transactions, privately negotiated deals, or trading plans under Rule 10b5-1. The pace and scale of repurchases will depend on market conditions, liquidity, and broader business strategy.
The dividend is payable on September 26, 2025, to shareholders of record as of September 16.
The company’s second quarter results are due to be released next week and will follow a challenging first quarter for the insurer. Fidelis reported a net loss of $42.5 million, or a loss of $0.38 per share, largely due to catastrophe losses tied to California wildfires. Operating net loss stood at $45.3 million.
The wildfires contributed $166.8 million in net losses after expected recoveries, reinstatement premiums, and tax. Overall catastrophe and large losses reached $333.3 million, up from $103.0 million in the same period last year.
Fidelis posted an underwriting loss of $94.5 million for the quarter, with a combined ratio of 115.6%, compared to underwriting income of $69.2 million and a combined ratio of 85.8% a year earlier. Net favorable reserve development declined to $40.8 million from $67 million in Q1 2024.
Despite recent volatility, the company remains focused on capital discipline and positioning for long-term growth. Fidelis expects to release its second-quarter 2025 financial results on August 13, after the close of financial markets.
