Fidelis Insurance initiated with an Outperform at Keefe Bruyette

Keefe Bruyette initiated coverage of Fidelis Insurance with an Outperform rating and $17 price target. The analyst expects the company’s access to Fidelis Managing General Underwriter’s “strong and appropriately incentivized” underwriting team to produce strong premium and operating income growth in the enduring favorable specialty environment. The firm sees potential multiple expansion as investors gain comfort with the company’s uncommon corporate structure.