Fidelis Insurance falls after Barclays, KBW cut PT

Pelagos Insurance Capital

22/11/2023 15:34

** Shares of reinsurer Fidelis Insurance  FIHL.N  fall 4.3%
to $12.45
    ** Barclays cuts PT to $13 from $15, KBW to $17.50 from $18
    ** "Management taking a more cautionary stance on Bespoke
growth opportunities draws our attention to its inforce with
multi-year tenure contracts" - Barclays
    ** KBW says lowered target price on slower premium growth
and higher core loss ratios
    ** 6 of 9 brokerages rate the stock "buy" or higher, 3
"hold"; their median PT is $17.25 - LSEG data
    ** Stock down 11% since debut on June 29

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))