Pelagos Insurance Capital

What Pelagos Insurance Capital does

Pelagos Insurance Capital is a specialty insurance and reinsurance company that operates as a strategic capital allocator and expert risk selector. Founded in Bermuda in 2014 (originally as Fidelis Insurance Holdings) and rebranded to Pelagos Insurance Capital in May 2026, the company trades on the NYSE under ticker PLGO and carries a market capitalization of approximately $1.8 billion. It offers over 100 products across specialty insurance lines — including property, marine, energy, aviation and aerospace, cyber, political risk, violence and terror, asset-backed finance and portfolio credit, and contingency risk — alongside quota share and excess-of-loss reinsurance and retrocession solutions. The business mix is approximately 80% insurance and 20% reinsurance, with operations centered in Bermuda (headquarters), London, and Dublin, supported by regulated entities in each jurisdiction.

The company runs a platform-plus-partnership model rather than building proprietary technology products. Its cornerstone relationship is a rolling 10-year exclusive right of first refusal agreement with The Fidelis Partnership (TFP), a separately owned managing general underwriter that sources the majority of Pelagos's specialty portfolio. The company is actively diversifying beyond TFP, onboarding its first external strategic underwriting partners in 2025 (e.g., Euclid Mortgage for residential mortgage credit reinsurance) and serving as cornerstone capacity provider for the TFP-led PVT Consortium launched in 2026. Distribution is conducted through global broker networks, direct broker and cedant relationships, and Funds at Lloyd's placements. Revenue is generated from underwriting premiums and investment income on float, with 2025 net income of $225.5 million, Q1 2026 EPS of $0.94 (+15% year-over-year), and a Q1 2026 combined ratio of 86.6%. Capital strength is anchored by strong financial ratings (A from AM Best, A- from S&P, A3 from Moody's) and an active share repurchase program that has bought back over 30% of shares outstanding under an August 2025 authorization, including a $163.3 million buyback of the remaining CVC Falcon Holdings stake as part of the rebrand.

Name

Pelagos Insurance Capital

Legal name

Pelagos Insurance Capital Limited

Website

https://pelagosinsurancecapital.com

Company type

Public

Founded year

2014

Operating status

Operating

Short description

Pelagos Insurance Capital is a Bermuda-based specialty insurance and reinsurance company that operates as a strategic capital allocator and expert risk selector, deploying capital through underwriting partnerships and direct specialty insurance products across property, marine, energy, aviation, and cyber lines for global enterprise clients.

Ownership category

akta.pro rank

Product category

Specialty Insurance and Reinsurance

NAICS

Finance and Insurance (52)

SIC

Fire, Marine & Casualty Insurance (6331), Asset-Backed Securities (6189)

akta.pro primary industry

Insurance-Dedicated Multi-Manager Platforms (e.g., ILS / Cat Bond FoF) (FSAHAKAK)

Keywords

• Specialty insurance underwriting
• Reinsurance retrocession
• Risk capital allocation
• Managing general agency
• Lloyd's market operations

Headquarters

HQ city

Pembroke

HQ country

Bermuda

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Underwriting: The company writes specialty insurance across multiple lines including property, marine, energy, aviation, cyber, political risk, and other specialty lines. Insurance operations represent approximately 80% of the business.
2. Reinsurance & Retrocession: Quota share and excess-of-loss solutions across property and specialty lines, spanning both reinsurance and retrocession markets supporting cedants in North American and international markets.
3. Investment Income: The investment portfolio generated a 4.4% annualized return, contributing to overall financial performance alongside underwriting activities.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Pelagos Insurance Capital is a specialty insurance and reinsurance carrier that underwrites and prices risk across more than 100 product lines (including property, marine, energy, aviation and aerospace, cyber, political risk/violence/terror, asset-backed finance and portfolio credit) and provides quota share and excess-of-loss reinsurance and retrocession solutions. It deploys capital through long-term partnerships with managing general agents, most notably The Fidelis Partnership under a rolling 10-year exclusive right-of-first-refusal agreement, and supports Lloyd's syndicate opportunities through Funds at Lloyd's.

Product overview

Pelagos Insurance Capital is a strategic capital allocator and expert risk selector in specialty insurance and reinsurance, offering over 100 products across major lines of business. The company operates a platform-plus-partnership model consisting of direct insurance products (Asset-Backed Finance & Portfolio Credit, Aviation & Aerospace, Cyber, Energy, Marine, Other Insurance, Political Risk Violence & Terror, Property) and reinsurance solutions (Reinsurance & Retrocession). The company deploys capital through strategic underwriting partnerships including The Fidelis Partnership MGA platform, bespoke MGAs, and Lloyd's of London syndicate support via Funds at Lloyd's. The Fidelis Partnership serves as the cornerstone partner under a rolling 10-year agreement with exclusive right of first refusal, while the company has expanded to include additional partnerships such as Euclid Mortgage.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Insurance Comprehensive coverage for commercial and industrial property risks worldwide, protecting against physical damage from fire, natural catastrophes, and other insured perils, as well as resulting business interruption losses. Designed for large corporations and multinational enterprises.
• Marine Insurance Comprehensive maritime risk coverage including ocean-going hull and machinery, cargo in transit, marine liability, and specialist marine property exposures. For shipowners, operators, charterers, cargo owners, and logistics companies worldwide.
• Energy Insurance Coverage across the full spectrum of the global energy industry from traditional oil and gas operations to the renewable energy sector. Provides tailored solutions for upstream, midstream, downstream operations, and power generation projects for energy exploration, production, transportation, and distribution companies.
• Aviation & Aerospace Insurance Comprehensive coverage for the global aviation industry including airline hull and liability all-risks, contingent aviation, war liability, hull war, and product liability for manufacturers. Also covers pre-launch, transit, and launch risk for satellite manufacturers and operators. For airlines, aircraft operators, manufacturers, airports, and aerospace companies worldwide.
• Cyber Insurance Protection against digital threats and cyber risks covering data breaches, ransomware attacks, business interruption from cyber events, and regulatory actions. Includes access to incident response resources and risk management guidance for enterprise insureds.
• Political Risk, Violence & Terror Insurance Protection against geopolitical uncertainties and political violence including confiscation, expropriation, political violence damage, business interruption, and contract frustration for global enterprises.
• Asset-Backed Finance & Portfolio Credit Structured credit solutions and portfolio protection including structured credit, asset-backed nonpayment, economically linked risk, surety, and mortgage indemnity products. Designed for regulatory capital relief, capital efficiency, and transaction facilitation for financial institutions.
• Other Specialty Insurance Specialty lines and contingency products covering events, weather-related contingencies, prize indemnity, and other bespoke insurance solutions for unique and emerging risk exposures.
• Reinsurance & Retrocession Quota share and excess-of-loss solutions across property and specialty lines, spanning both reinsurance and retrocession markets. Supports cedants in North American and international markets with direct reinsurance, retrocession capacity, and territorial-specific treaty structures.
• Managing General Agent (MGA) Support Capacity provision to The Fidelis Partnership (a leading scaled MGA platform) alongside select bespoke MGAs operating in specialist and niche markets. Capacity is provided on a mono-line or multi-line basis under long-term partnership arrangements.
• Lloyd's of London Capacity Support Provision of Funds at Lloyd's (FAL) enabling underwriting capacity across targeted syndicate opportunities in the Lloyd's market.

Quantifiable outcome

• 2025 net income more than doubled to $225.5 million
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core, strategic and minor.

• The Fidelis Partnership (TFP) - PVT ConsortiumcoreStrategic or Co-development Partner · 1 June 2026TFP launched a PVT (war, terror, and political violence) Consortium placed by Guy Carpenter, bringing together leading Lloyd's syndicates including Argenta alongside TFP's own syndicates 3123 and 2126. The Consortium can deploy up to $47.5 million per risk in the Middle East and up to $345 million per risk globally. Pelagos Insurance Capital serves as cornerstone capacity provider for the Consortium, addressing heightened demand and market dislocation from Middle East conflict.
• Euclid MortgagestrategicStrategic or Co-development Partner · 14 November 2024Strategic partnership with Euclid Mortgage, a managing general agency specializing in underwriting credit risk on residential mortgage portfolios. Pelagos provides reinsurance capacity along with other reinsurers. This partnership aligns with strategy of identifying new opportunities to provide long-term capacity to best-in-class underwriters. Estimated to produce approximately $35 million in gross premiums written in 2025. This marks the first partnership outside of the foundational relationship with The Fidelis Partnership.
• Bermuda Foundation for Insurance Studies (BFIS)minorOthers · 14 November 2024Partnership with BFIS to sponsor a student to attend the NYSE NextGen Bootcamp, supporting the next generation of talent. The initiative provides exposure to NYSE trading floor, interaction with market makers, and insight into financial topics.
• The Fidelis Partnership (TFP)coreStrategic or Co-development Partner · 1 January 2023The Fidelis Partnership is the cornerstone strategic underwriting partner with a rolling 10-year agreement and exclusive right of first refusal for all business written. TFP is separately owned and managed from Pelagos Insurance Capital. The partnership provides consistent first access to a well-established specialty portfolio of over 100 products. This arrangement ensures long-term continuity and provides the majority of the company's business sourcing.

Scale indicators16 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• SiriusPoint: Bermuda-based specialty insurer and reinsurer with multi-line specialty, mortgage reinsurance, and MGA-sourced business — comparable to Pelagos in platform-plus-partnership model, specialty book mix, and Bermuda domicile.
• Hiscox: London-listed specialty insurer with significant Lloyd's and Bermuda presence across marine, energy, aviation, cyber, and political risk — direct competitor to Pelagos in many of the same specialty lines and distribution channels.
• Arch Capital Group: Specialty insurer and reinsurer operating across property, casualty, marine, aviation, and mortgage — directly comparable to Pelagos across the same specialty lines, including asset-backed/portfolio credit (Arch MI) and reinsurance.
• Beazley: London-listed specialty insurer with strong cyber, marine, political risk, and property lines — direct peer to Pelagos in cyber and political risk/specialty, with Lloyd's market overlap.
• Lancashire Holdings: London-based specialty insurer focused on aviation, marine, energy, property, and political risk — directly comparable to Pelagos across the same specialty lines and Lloyd's market presence, with a similar mid-cap specialty profile.
• RenaissanceRe Holdings: Bermuda-domiciled specialty reinsurer with property catastrophe and specialty lines; directly comparable to Pelagos in specialty insurance and reinsurance with a similarly multi-line book and Bermuda headquarters footprint.
• AXIS Capital Holdings: Bermuda-based specialty insurer and reinsurer writing property, marine, energy, aviation, cyber, and credit lines — a closely aligned specialty competitor with similar rating profile and product breadth as Pelagos.
• Aspen Insurance Holdings: Bermuda-based specialty insurer and reinsurer writing property, casualty, marine, energy, and aviation — comparable to Pelagos across specialty lines, with shared Bermuda/Lloyd's distribution and similar mid-cap scale.

Broad incumbents

• PartnerRe: Large specialty reinsurer (privately held by EXOR) writing property, casualty, motor, and specialty lines; provides direct competition in specialty treaty and proportional reinsurance while operating at significantly greater scale than Pelagos.
• Everest Group: Global specialty reinsurer and insurer with reinsurance, insurance, and asset-management arms; broader and more diversified than Pelagos but competes head-to-head in specialty reinsurance and Bermuda/Lloyd's channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pelagos-insurance-capital

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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 Pelagos Insurance Capital