Pelagos Announces 2026 Q1 Results
Pelagos Insurance Capital reported its first quarter 2026 financial results after market close today, highlighting growth in gross premiums written, improved underwriting performance, strong shareholder returns.
A spokesperson said, “After market close today Pelagos Insurance Capital [NYSE: PLGO], formally Fidelis Insurance Group [NYSE: FIHL], reported their 2026 First Quarter Results.
“First Quarter 2026 Highlights include:
- “Gross premiums written of $1.8 billion; growth of 6.8% from the first quarter of 2025
- “Combined ratio improved to 86.6%, an improvement of 29 points compared to 115.6% in the first quarter of 2025
- “Annualized operating return on average common equity [“Annualized Operating ROAE”] of 15.2%, an improvement of 23 points compared to the first quarter of 2025
- “Total capital returned to common shareholders in the quarter of $232.7 million including:
- “Common share repurchases of $219.4 million, at an average price of $19.00 per share. This includes $163 million through a privately negotiated transaction to repurchase all of the remaining shares of one of the Company’s original private equity sponsors, CVC Falcon Holdings Limited.
- “Dividends of $13.3 million
- “Net income of $108.0 million, or $1.15 per diluted common share, and operating net income of $88.4 million, or $0.94 per diluted common share beating equity analyst consensus expectations of $0.74 as reported by FACTSET.
- “Book value per diluted common share was $26.22 at March 31, 2026, an increase of 7.2% including dividends from December 31, 2025, of $24.61
Dan Burrows, Group Chief Executive Officer of Pelagos Insurance Capital, commented: “As our first quarter results demonstrate, our unique capital allocator model and expanding network of underwriting partners are driving profitable growth. We reported an increase in gross premiums written of 6.8%, a combined ratio of 86.6%, and an annualized operating ROAE of 15.2%.
“We remain focused on balancing profitable underwriting with meaningful capital returns. During the quarter, we returned $219 million through continued share repurchases. We also grew book value per diluted share including dividends by more than 7%, representing our strongest ever quarter of book value growth. At a time when market access and risk selection matter more than ever, we are well positioned to continue delivering significant value to shareholders.”
A spokesperson added, “Pelagos Insurance Capital will host a teleconference to discuss our financial results on Thursday, May 14, 2026, at 9:00 a.m. ET available via the Investors section of the Company’s website at www.pelagosinsurancecapital.com.
“For any questions on the Company’s earnings release please reach out to both Sarah Hill of Rein4ce at sarah.hills@rein4ce.co.uk and to Miranda Hunter of Pelagos Insurance Capital at miranda.hunter@fidelisinsurance.com.”
