Shutterstock.com_2176799107/BARBARA LOPEZ

14 November 2025Reinsurance

Fidelis delivers 21% ROE, calls out market undervaluation

Fidelis Insurance Holdings, a Bermuda-based specialty re/insurer, may be reporting its “best-ever” quarterly combined ratio since going public, but its executives say the market still hasn’t priced in the company’s outperformance. Speaking in an investor call, Thursday November 13, after delivering a 79% combined ratio and a 21.4% return on equity, the team struck a confident tone tempered by frustration at being valued below peers.

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