Fidelis Insurance

What Fidelis Insurance does

Pelagos Insurance Capital (formerly Fidelis Insurance Group, NYSE: PLGO) is a Bermuda-incorporated specialty insurance and reinsurance company founded in 2015 that operates as a capital allocator. Rather than underwriting directly, the firm deploys capital through a network of underwriting partners and managing general agents (MGAs) across Bermuda, the UK, Ireland, and Abu Dhabi. The platform architecture connects specialty risk origination with capital via Syndicate 3123 at Lloyd's, Fidelis MEASA for Middle East, Africa and South Asia markets, the AI Data Centre Construction Consortium, and specialty liability MGAs such as Sevanta Specialty Liability Limited.

The company generates revenue primarily through gross premiums written ($4.7 billion in 2025, up 7.1% year-over-year), net underwriting income, and investment income on float. Distribution is channel-driven through underwriting partnerships (Euclid Mortgage, Bamboo Insurance, Oak Global) and operates alongside its historical relationship with The Fidelis Partnership. Key 2025 performance metrics include a 94.8% combined ratio (improved from 99.7% in 2024), $225.5 million in net income (versus $113.3 million in 2024), book value per share of $24.61 (up 12.3%), and an 18.3% annualized operating ROAE in Q4 2025.

Following the 2026 exit of founding shareholder CVC Capital Partners via a $163.35 million share repurchase, approximately 65% of shares are now in public float. The company simultaneously rebranded from Fidelis Insurance Group to Pelagos Insurance Capital in May 2026, repositioning the corporate identity around the capital allocator model. Capital management includes a $400 million expanded share repurchase authorization, $400 million of 7.750% subordinated notes due 2055, and a quarterly dividend of $0.15 per common share (~2.86% yield), reflecting a balance between return of capital and balance sheet capacity for underwriting growth.

Name

Fidelis Insurance

Legal name

Pelagos Insurance Capital

Website

https://fidelisinsurance.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Pelagos Insurance Capital (formerly Fidelis Insurance Group) is a Bermuda-based specialty insurance and reinsurance capital allocator that deploys capital through a global network of underwriting partners and MGAs across Bermuda, the UK, Ireland, and Abu Dhabi.

Ownership category

akta.pro rank

Product category

Specialty Insurance and Reinsurance

NAICS

Finance and Insurance (52), Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industry

Facultative Reinsurance Brokerage (FSAOAHAB)

Keywords

• Specialty insurance
• Reinsurance services
• Capital allocation
• Underwriting partnerships
• Property casualty reinsurance

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: Gross premiums written from specialty insurance and reinsurance operations. The company reported $4.7 billion in gross premiums written in 2025, up 7.1% year-over-year, and $1.8 billion in Q1 2026.
2. Underwriting Income: Net underwriting income from specialty lines. Underwriting income rose to $117.2 million in 2025 from $117.2 million, with combined ratio improving to 94.8% from 99.7%.
3. Investment Income: Returns from investment portfolio supporting insurance operations. Book value per share grew 12.3% year-on-year to $24.61.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Fidelis Insurance (now Pelagos Insurance Capital) is a specialty insurance and reinsurance company operating as an expert capital allocator. It provides risk-bearing capital and underwriting capacity to a network of underwriting partners across specialty lines worldwide, including through Lloyd's Syndicate 3123, the Fidelis MEASA platform in Abu Dhabi, and the Fidelis Partnership MGA network. Revenue is generated primarily through specialty insurance premiums, reinsurance contracts, and returns from the supporting investment portfolio.

Product overview

Pelagos Insurance Capital (formerly Fidelis Insurance Group) operates as a specialty insurance and reinsurance platform with a capital allocator model. The company provides its products and services through multiple brands: its core Pelagos Insurance Capital entity for direct insurance and reinsurance operations, Fidelis Syndicate 3123 at Lloyd's for London market specialty coverage, and The Fidelis Partnership (TFP) as the operating platform managing a network of underwriting partners and MGAs including Sevanta Specialty Liability and Fidelis MEASA for regional expansion in the Middle East, Africa, and South Asia. The architecture connects capital providers with underwriting expertise through long-term partnership relationships.

Differentiator

Problem solved

Functional benefit

Products and services

• Pelagos Insurance Capital Specialty Insurance and Reinsurance Specialty insurance and reinsurance offering delivered through a capital allocator model, providing risk-bearing capital and underwriting capacity across multiple specialty lines worldwide for enterprise insurance and reinsurance partners.
• Fidelis Syndicate 3123 at Lloyd's Lloyd's of London syndicate providing specialty insurance capacity across various classes of business, with initial gross written premium target of $180 million and expansion in subsequent periods.
• Fidelis MEASA Regional Specialty and Reinsurance Middle East, Africa and South Asia specialty insurance and reinsurance offering launched in 2024 from Abu Dhabi Global Market, targeting regional reinsurance capacity gaps and generating $88 million GWP in debut year.
• Sevanta Specialty Liability Limited International casualty MGA specializing in niche international specialty liability on both primary and excess basis, operating under Pine Walk Capital Limited within The Fidelis Partnership.
• AI Data Centre Construction Consortium Construction risk consortium providing insurance coverage for AI data centre construction projects, combining capital from Fidelis Insurance Group, Syndicate 3123, and Blackstone-backed Syndicate 2126 with initial capacity of $250 million.

Quantifiable outcome

• 80.6% combined ratio in Q4 2025, 47-point improvement year-over-year
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered major, core and minor.

• Saudi RemajorStrategic or Co-development Partner · 27 April 2026Saudi Arabia's national reinsurer engaged as part of Fidelis MEASA's BRICS+ strategy. Senior executives visited the Middle East including meetings with Saudi Re to strengthen client relationships and deepen regional partnerships amid strong market momentum.
• Syndicate 3123 at Lloyd'scoreStrategic or Co-development Partner · 8 March 2026Fidelis Syndicate 3123 at Lloyd's is a core operating entity that launched underwriting activities in 2024. The syndicate aims to write $180 million in gross written premium in its initial period and expand in subsequent years, covering various insurance classes.
• Syndicate 2126 (Blackstone-backed)majorStrategic or Co-development Partner · 8 March 2026Blackstone-backed Syndicate 2126 joined the AI data centre construction consortium with additional capacity expected from January 2026. This partnership combines capital from Fidelis Insurance Group, Fidelis Syndicate 3123 at Lloyd's, and Blackstone-backed capacity to address unmet demand in AI data centre insurance.
• Euclid MortgageminorChannel Partner/ Reseller/ Distributor · 27 February 2026New underwriting partner added to expand network of underwriting partnerships in 2025 as part of the company's strategy to grow beyond The Fidelis Partnership.
• Bamboo InsuranceminorChannel Partner/ Reseller/ Distributor · 27 February 2026New underwriting partner added to expand network of underwriting partnerships in 2025 as part of the company's strategy to grow beyond The Fidelis Partnership.
• Oak GlobalminorChannel Partner/ Reseller/ Distributor · 27 February 2026New underwriting partner added to expand network of underwriting partnerships in 2025 as part of the company's strategy to grow beyond The Fidelis Partnership.
• The Fidelis PartnershipcoreStrategic or Co-development Partner · 14 October 2025The Fidelis Partnership (TFP) is a related entity that historically served as the sole meaningful business source for Fidelis Insurance. The rebranded company is transitioning beyond TFP as its sole source, with new underwriting partners being added. TFP continues operations including Syndicate 3123 at Lloyd's and new MGAs like Sevanta Specialty Liability Limited.
• Sevanta Specialty Liability LimitedcoreStrategic or Co-development Partner · 24 March 2025The Fidelis Partnership's wholly-owned subsidiary Pine Walk Capital Limited launched Sevanta Specialty Liability Limited, a new international casualty MGA specializing in niche international specialty liability on both primary and excess basis. Led by Jon Hiller formerly of Sompo International.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Everest Group: Global specialty (re)insurer offering property, casualty, and specialty lines through reinsurance and insurance operations. Directly comparable to Pelagos as a publicly traded specialty (re)insurer with global Bermuda-domiciled structure.
• Arch Capital Group: Bermuda-domiciled specialty insurer and reinsurer writing property, casualty, mortgage, and specialty lines globally. Directly comparable to Pelagos in product mix, Bermuda headquarters, and capital allocator-style deployment through underwriting platforms.
• RenaissanceRe Holdings: Bermuda-based specialty reinsurer providing property catastrophe and specialty reinsurance globally. Comparable to Pelagos as a specialty reinsurer with capital allocator philosophy and Lloyd's market presence.
• AXIS Capital Holdings: Bermuda-based global specialty (re)insurer offering property, casualty, and specialty lines through insurance and reinsurance segments. Comparable in product mix, structure, and public-market positioning to Pelagos.
• Lancashire Holdings: Bermuda-based specialty insurer focused on property, energy, marine, aviation, and other specialty lines. Comparable to Pelagos as a specialty-focused, Bermuda-domiciled public insurer targeting similar niche risks.
• Aspen Insurance Holdings: Specialty P&C insurer and reinsurer operating through Lloyd's and Bermuda platforms. Comparable to Pelagos in specialty product mix and Lloyd's/Bermuda operational structure.
• Beazley plc: London-based specialty insurer with strong Lloyd's presence offering marine, political risk, cyber, and specialty lines. Comparable to Pelagos via Syndicate 3123 at Lloyd's and similar specialty product focus.
• Hiscox Ltd: Bermuda-domiciled specialty insurer operating through Lloyd's and other platforms with focus on specialty, reinsurance, and high-net-worth lines. Comparable in specialty focus, Lloyd's presence, and Bermuda public-company structure.
• SiriusPoint Ltd: Bermuda-based specialty (re)insurer writing property, casualty, and specialty lines through insurance and reinsurance segments. Comparable to Pelagos in specialty product mix and Bermuda-domiciled public-market structure.

Broad incumbents

• Markel Group: Diversified specialty insurer with extensive specialty and reinsurance operations globally. Comparable to Pelagos in specialty insurance focus, though operates at much larger scale with broader product portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds7 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fidelis Insurance