Pelagos Insurance Capital Limited

Good morning, ladies and gentlemen, and welcome to the Fidelis Insurance Group's third quarter 2025 earning conference call. As a reminder, this call is being recorded for replay purposes. Following the conclusion of formal remarks, the management team will host a question and answer session, and instructions will be given at that time. With that, I will now turn the call over to Miranda Hunter, head of investor relations. Ms. Hunter, please go ahead.

Good morning. And welcome to Fidelis Insurance Group's third quarter 2025 earnings conference call. With me today are Dan Burrows, our CEO, Alan DeClaire, our CFO, and Johnny Strickle, our Group Managing Director. Before we begin, I'd like to remind everyone that statements made during the call, including the question and answer section, will include forward-looking statements. Management's comments regarding expectations, projections, targets, and any future results are based on current assessments and assumptions and are subject to a number of risks, uncertainties, and emerging information developing over time. It's important to note that actual results may differ materially from those expressed or implied today. Additional information regarding factors shaping these outcomes can be found in Fidelis' SEC filings, including her earnings press release issued last night. Management will also make reference to certain non-GAAP and proprietary measures of financial performance. The reconciliations to U.S. GAAP for each non-GAAP financial measure, as well as our descriptions of proprietary financial measures, can be found in our earnings press release available on our website at padellasinsurance.com. With that, I'll turn the call over to Dan.

Thanks, Miranda. Good morning, everyone, and thank you for joining us on our call today. Our excellent third quarter performance is a reflection of three key points that we hope you will take away from this call this morning. Firstly, we delivered outstanding results. This performance demonstrates the strength of our portfolio and the success of our underwriting strategy. Our combined ratio for the quarter was 79%. Our best as a publicly traded company and an improvement of more than eight points from the same quarter last year. Our annualised operating ROAE was 21.4%, which represents an increase of five points year over year. And we grew diluted book value per share by $1.25 in the quarter. Secondly, we expect to continue driving profitable growth. we delivered strong top-line growth of 8% for the quarter, in line with our target range of 6% to 10% for the year. This performance reflects our leadership in lines of business with more pronounced verticalization. And we are leveraging our deep relationships and unique market access to continue broadening our distribution network and creating attractive growth opportunities in a prevailing hard market. That brings us to our third key message, which is our ongoing focus for dedicated capital allocation and expert risk selection. That means we strategically determine the best risk reward opportunities, balancing profitable growth with returning capital to shareholders through share repurchases and dividends. It also means working with our growing network of underwriting partners, to select the optimal risks in line with our strategy. Turning to performance across each of our segments, within insurance, we delivered 4% growth on gross premiums written in the quarter, as we continued to strategically deploy capital into areas of opportunity and margin. We saw strong performance from our property and asset backed finance and portfolio credit books, and our overall RPI remained broadly flat, reflecting our differentiated position, business mix and product diversification, as well as our ability to effectively navigate market conditions and capitalise on cross-selling opportunities. As a reminder, RPI reflects price, terms and conditions. Our direct property brook grew 9.5% for the same period year on year, driven by new opportunities at compelling pricing. Given the pronounced verticalization of the property market, we are able to leverage our deep multi-line relationships, meaningful line size, and unique access to secure attractive rates, terms, and conditions. We also continue to benefit from a strong flow of new business moving from the admitted market to the ENS market. For example, in the quarter, we identified a flow of new high-value homeowners business opportunities. Our client and business retention rates continue to be strong, and we delivered an RPI that was broadly in line with the previous quarter. Even though rates have decreased in certain areas, our portfolio continues to deliver pricing which produces attractive margin, enhanced by our ability to capitalize on favorable pricing dynamics in the facultative market. Additionally, terms and conditions in the property market have significantly improved, following the substantial changes achieved during the hard market over the past seven years. As a result, we are able to maintain attractive margins in this important line of business. Asset-backed finance and portfolio credit has remained a key driver of growth. We are converting on our pipeline of strong opportunities, including through our new underwriting partners. This business is highly bespoke in nature buying motivation is driven by capital relief or underlying transaction facilitation. These bespoke offerings are largely unaffected by traditional insurance pricing cycles. And as a leader in this space, we execute on our terms. Across other major lines of business within the insurance segment, performance has remained consistent with expectation. In the aviation hull and liability sector, we're beginning to see encouraging signs, and let me remind you that this is a highly verticalized market. As a leader, we set pricing at the top of the market ranges, as well as other differentiated terms. We will remain cautious in this line, and we will continue to monitor trends throughout the balance of the year, selectively deploying on opportunities where we believe price adequately reflects risk. In marine, we're again seeing signs of widening verticalization. We continue to leverage our ability to offer leading capacity across all the major subclasses to balance our portfolio in line with appetite and maintain overall margin. New builders construction opportunities continue to support growth in the portfolio. Turning to reinsurance, we delivered 20% year on year premium growth. driven by enhanced pricing at 7-1. We capitalized on attractive post-wildfire opportunities, which presented significant price increases, supporting our renewal book, as well as the ability to add new business. Overall, the RPI in reinsurance for the quarter was positive, supported by double-digit increases on the US book, driven by post-loss pricing. While we saw more pressure across international pricing, we continue to see margin across the portfolio following prior year increases. Our focus is on maintaining coverage and structure and taking a disciplined stance to pricing as we evaluate the portfolio. Pricing dynamics continue to develop in the lead up to January 1st renewals. We are leveraging the interplay between our inwards portfolio and outwards reinsurance to enhance overall portfolio efficiency. We believe that current dynamics will provide attractive opportunities to further strengthen our protections. As a reminder, we use proportional reinsurance as a valuable tool to create underwriting leverage, which, depending on peril and or territory, can be up to 60%. This supports our gross to net line size strategy, enabling us to deploy as a leader with meaningful capacity working with our core partners across our portfolio. We are pleased to have renewed our whole account quota share with Travellers for 2026, who continue to be a valued and strategic partner. With that, I will turn it over to Alan to discuss our financial results in more detail, and then Johnny will cover our underwriting risk selection strategy.