【Jefferies-2025研报】菲德利斯保险（FIHL）：初步分析2025年第一季度在AYLR ER PYD方面超预期，在CAT方面未达预期.pdfVIP

USA|PCInsurance/Insurtech

EquityResearch

FidelisInsuranceMay14,2025

FirstTake:1Q25BeatonAYLR/ER/PYDWithFLASHNOTE

MissonCATRATINGHOLD

PRICE$17.07^

$(0.41)OpEPSbeatJEF/Cons$(0.45)/$(0.47)drivenbybeerthanestimated

PRICETARGET|%TOPT$16.00|-6%

AYLR/ER/PYD,partiallyoffsetbyamissonCATdrivenbyCAwildfiresandother

52WHIGH-LOW$21.32-$14.17

smalllosses(inclaviation).GPWgrowthof14%wasdrivenbyreinstatemen

FLOAT(%)|ADVMM(USD)50.4%|9.00

premiumsandtheonboardingofanewpartnershipthatoffsetatimingmiss

MARKETCAP$1.9B

inInsurance.BBof$22mninthequarterbeat($42mnYTD).Weexpec