Bermudian-based Fidelis Insurance Holdings Limited has reported second-quarter net income available to common shareholders of $83.9 million.

That compares with net income available to common shareholders of $8.4 million for the second quarter of 2022.

Gross premiums written were $957.2 million, growth of 25.3 per cent from Q2 2022.

The combined ratio was 82 per cent, an improvement of 8.5 points from the prior-year quarter.

The annualised operating return on average common equity was 17.6 per cent.

The company completed an IPO on the New York Stock Exchange on July 3, raising $89.4 million in net proceeds through the issuance of 7,142,857 common shares at $14 per common share.

Dan Burrows, group chief executive, said: “It is an extremely exciting time for Fidelis Insurance Group and I’m delighted to present to you our first earnings release as a public company.

“Our second-quarter results are a testament to the strength of our business model and the continued execution of our strategy and our ability to generate value for our shareholders.

“Our second-quarter gross premiums written and combined ratio demonstrate our ability to capitalise on opportunities driven by favourable market conditions while remaining disciplined in our underwriting approach.

“Our half-year results have delivered an 80.6 per cent combined ratio, which represents annualised operating (return on average equity) of 18.2 per cent. Against a backdrop of high industry losses, our focus is on profitable growth with reduced volatility, resulting in attractive (return on equity) over the market cycle.”

Richard Brindle, chairman and CEO of the Fidelis MGU, added: “The timing of the separation of our companies has been excellent as it coincides with a broad-based hardening of both insurance and reinsurance markets.

“For me and my team, the ability to focus all our attention on underwriting opportunities, developing new products and widening our distribution is really energising.

“We know that Fidelis Insurance Group are doing a great job managing the capital and the investors, enabling us to grow the business and optimise our underwriting.

“The alignment between Fidelis MGU and Fidelis Insurance Group is working as designed, and we congratulate Dan and the team on their successful IPO.”