Bermudian-based Fidelis Insurance Holdings Limited has reported net income available to common shareholders of $87.7 million for an eventful third quarter that also saw the organisation complete its initial public offering on the New York Stock Exchange.

The third-quarter net income compares with a net loss available to common shareholders of $92.7 million for the prior year quarter.

Fidelis’s IPO on July 3 raised $89.4 million in net proceeds through the issuance of 7,142,857 common shares at $14 per common share.

Underwriting income for the quarter was $74.8 million with a combined ratio of 85.4 per cent, compared with an underwriting loss of $89.4 million and a combined ratio of 120.5 per cent for the third quarter of 2022.

Fidelis said the improvement was driven by lower catastrophe and large losses.

Net investment income was $33.1 million compared with $11.1 million in the prior year period.

Net income available to common shareholders for the nine months ended September 30 was $1,904.2 million, which includes a net gain on distribution of Fidelis MGU of $1,639.1 million.

Excluding the net gain, Fidelis’s net income for the period was $265.1 million, which compares with a net loss available to common shareholders of $67.3 million for the nine months ended September 30, 2022.

Underwriting income for the nine month period was $232.9 million with a combined ratio of 82.4 per cent, compared with an underwriting loss of $17.2 million and a combined ratio of 101.6 per cent for the first nine months of 2022.

Net investment income of $80.8 million compared with $23.6 million in the prior year period.

Gross premiums written for the nine months ended September 30 were $2.8 billion, growth of 15.4 per cent over the prior year period.

Dan Burrows, the group chief executive officer, said: “I am pleased with another strong quarter for Fidelis, which produced excellent results across multiple key metrics.

“We continue to deliver our strategy of generating superior underwriting returns with a year-to-date combined ratio of 82.4 per cent.

“Our results demonstrate our ability to be nimble and opportunistic across our three pillars to react to market conditions and evidence the strength of the alignment with our partners at Fidelis MGU, who are able to fully focus on underwriting activities.

“During the year we looked to preserve underwriting integrity across the portfolio and given the economic and geopolitical conditions, maximise the bottom line, delivering an annualised operating ROAE [return on average equity] of 17.7 per cent.

“We believe market duration is set to continue and there is still considerable opportunity within the portfolio following a number of years of compound increases across multiple lines of business.”

He added: “As we approach the end of the year we remain focused on delivering value for our shareholders, optimising our portfolio and targeting profitable underwriting opportunities in line with the Fidelis view of risk.”