Fidelis Insurance Holdings Ltd · Q1 2026 earnings

Briefing

Pelagos Insurance Q1 2026: $108M net income, 86.6% combined ratio, $219M buybacks

Pelagos Insurance Capital Limited (formerly Fidelis Insurance Holdings) reported strong first-quarter 2026 results on May 13, 2026. Net income was $108.0 million, or $1.15 per diluted share, versus a $42.5 million loss in Q1 2025. Operating net income was $88.4 million, or $0.94 per diluted share. Gross premiums written grew 6.8% to $1.84 billion; net premiums earned were $568.5 million. The combined ratio improved 29 points to 86.6% from 115.6%, with underwriting income of $76.2 million versus an underwriting loss of $94.5 million a year ago. Catastrophe and large losses fell to $72.3 million from $333.3 million (prior year included California wildfires). Annualized operating ROAE was 15.2%; book value per diluted share rose 7.2% including dividends to $26.22 from $24.61 at year-end 2025. The company returned $232.7 million to shareholders, including $219.4 million of repurchases at $19.00 per share.

• Net income of $108.0 million ($1.15 diluted EPS); operating net income $88.4 million ($0.94 operating EPS).
• Gross premiums written $1.84 billion (+6.8% YoY); combined ratio 86.6% vs 115.6% in Q1 2025.
• Catastrophe and large losses $72.3 million vs $333.3 million prior year; net investment income $43.7 million.
• Returned $219.4 million via share repurchases and $13.3 million in dividends; book value per share $26.22.
• Rebranded to Pelagos Insurance Capital (PLGO) effective May 2026; AM Best affirmed A (Excellent) ratings April 1.

Headline financials

Revenue & EPS history