Pelagos Announces 2026 Q2 Results
Pelagos Insurance Capital – formerly known as Fidelis Insurance Holdings — announced its financial results for the second quarter ended June 30, 2026.
Dan Burrows, Group Chief Executive Officer of Pelagos Insurance Capital, commented: “Our first-half performance reflects the continued success of our capital allocator model and our underwriting discipline. Year-to-date, we grew gross premiums written by 6.6% and book value per diluted common share by 9.1%, and by 22.6% over the last 12 months.
“We returned $73 million to shareholders in the second quarter through dividends and repurchases, underscoring our commitment to balancing profitable growth with accretive capital management.
“Looking ahead, our network of underwriting partners provides differentiated access to compelling opportunities. Through evolving market conditions, our focus remains consistent – deploying capital where we see attractive risk-adjusted returns. We believe that agility, combined with our capital strength, positions Pelagos to continue creating long-term value for shareholders.”
Second Quarter 2026 Highlights:
- “Gross premiums written of $1.3 billion; growth of 6.4% from the second quarter of 2025
- “Combined ratio of 99.5%, an improvement of 4 points compared to 103.7% in the second quarter of 2025
- “Annualized operating return on average common equity [“Annualized Operating ROAE”] of 5.1%, an improvement of 3 points compared to the second quarter of 2025
- “Total capital returned to common shareholders in the quarter of $72.6 million, including common share repurchases of $60.1 million, at an average price of $21.60 per share, and dividends of $12.5 million
- “Net income of $44.4 million, or $0.52 per diluted common share, and operating net income of $28.7 million, or $0.34 per diluted common share
Half Year 2026 Highlights:
- “Gross premiums written of $3.1 billion; growth of 6.6% from the first half of 2025
- “Combined ratio of 93.1%, an improvement of 17 points compared to 110.1% in the first half of 2025
- “Annualized Operating ROAE of 10.1%, an improvement of 13 points compared to the first half of 2025
- “Total capital returned to common shareholders was $305.3 million, including common share repurchases of $279.5 million, at an average price of $19.51 per share, and dividends of $25.8 million
- “Net income of $152.4 million, or $1.71 per diluted common share, and operating net income of $117.1 million, or $1.31 per diluted common share
- “Book value per diluted common share was $26.56 at June 30, 2026, an increase of 9.1% including cumulative dividends from December 31, 2025, of $24.61″
