\nGross premiums written of $1.8 billion, growth of 6.8% from the first quarter of 2025<\/i><\/p>
\nCombined Ratio of 86.6%, an improvement of 29 points compared with the first quarter of 2025<\/i><\/p>
\nAnnualized Operating ROAE of 15.2%, an improvement of 23 points compared with the first quarter of 2025<\/i><\/p>
\nFirst Quarter 2026 Highlights:<\/span><\/p> PEMBROKE, Bermuda--(BUSINESS WIRE)--Pelagos Insurance Capital Limited, formerly known as Fidelis Insurance Holdings Limited (\u201cPelagos\u201d or \u201cPLGO\u201d or the \u201cCompany\u201d) (NYSE: PLGO) announced today its financial results for the first quarter ended March 31, 2026.<\/p> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nDan Burrows, Group Chief Executive Officer of Pelagos Insurance Capital, commented: \u201cAs 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%.<\/p> \n\"We remain focused on balancing profitable underwriting with meaningful capital returns. During the quarter, we returned $219 million through continued share repurchases. We also grew book value per diluted share including dividends by more than 7%, representing our strongest ever quarter of book value growth. At a time when market access and risk selection matter more than ever, we are well positioned to continue delivering significant value to shareholders.\"<\/p> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nFirst Quarter 2026 Consolidated Results<\/b><\/p><\/td><\/tr>\n<\/table> \nThe following table details key financial indicators in evaluating our performance for the three months ended March 31, 2026 and 2025:<\/p> \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n($ in millions, except per share data)<\/i><\/b><\/p><\/td><\/tr>\n \nNet income\/(loss)<\/p><\/td> \n$<\/p><\/td> \n108.0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(42.5<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nOperating net income\/(loss)(1)<\/sup><\/p><\/td> \n\u00a0<\/p><\/td> \n88.4<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(45.3<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nGross premiums written<\/p><\/td> \n\u00a0<\/p><\/td> \n1,840.4<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1,722.9<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet premiums earned<\/p><\/td> \n\u00a0<\/p><\/td> \n568.5<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n603.0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCatastrophe and large losses<\/p><\/td> \n\u00a0<\/p><\/td> \n72.3<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n333.3<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet favorable prior year reserve development<\/p><\/td> \n\u00a0<\/p><\/td> \n3.1<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n40.8<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet investment income<\/p><\/td> \n\u00a0<\/p><\/td> \n43.7<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n49.5<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet realized and unrealized investment gains\/(losses)<\/p><\/td> \n$<\/p><\/td> \n(1.6<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n5.9<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCombined ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n86.6<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n115.6<\/p><\/td> \n%<\/p><\/td><\/tr>\n \nAnnualized Operating ROAE(1)<\/sup><\/p><\/td> \n\u00a0<\/p><\/td> \n15.2<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(7.6<\/p><\/td> \n%)<\/p><\/td><\/tr>\n \nEarnings\/(loss) per diluted common share<\/p><\/td> \n$<\/p><\/td> \n1.15<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(0.38<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nOperating EPS(1)<\/sup><\/p><\/td> \n$<\/p><\/td> \n0.94<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(0.41<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n________________<\/p><\/td><\/tr>\n \n(1) See definition and reconciliation in \u201cNon-GAAP Financial Measures Reconciliation\u201d<\/p><\/td><\/tr>\n<\/table> \nSegment Results<\/b><\/p><\/td><\/tr>\n<\/table> \nInsurance Segment<\/b><\/p> \nThe following table is a summary of our Insurance segment\u2019s underwriting results:<\/p> \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nChange<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n($ in millions)<\/i><\/b><\/p><\/td><\/tr>\n \nGross premiums written<\/p><\/td> \n$<\/p><\/td> \n1,436.1<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n1,267.0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n169.1<\/p><\/td><\/tr>\n \nReinsurance premium ceded<\/p><\/td> \n\u00a0<\/p><\/td> \n(432.1<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(458.1<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n26.0<\/p><\/td><\/tr>\n \nNet premiums written<\/p><\/td> \n\u00a0<\/p><\/td> \n1,004.0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n808.9<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n195.1<\/p><\/td><\/tr>\n \nNet premiums earned<\/p><\/td> \n\u00a0<\/p><\/td> \n514.9<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n511.9<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n3.0<\/p><\/td><\/tr>\n \nLosses and loss adjustment expenses<\/p><\/td> \n\u00a0<\/p><\/td> \n(227.8<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(281.4<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n53.6<\/p><\/td><\/tr>\n \nPolicy acquisition expenses<\/p><\/td> \n\u00a0<\/p><\/td> \n(139.2<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(148.2<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n9.0<\/p><\/td><\/tr>\n \nUnderwriting income<\/p><\/td> \n$<\/p><\/td> \n147.9<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n82.3<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n65.6<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nLoss ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n44.2<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n55.0<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(10.8) pts<\/p><\/td><\/tr>\n \nPolicy acquisition expense ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n27.0<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n29.0<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(2.0) pts<\/p><\/td><\/tr>\n \nUnderwriting ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n71.2<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n84.0<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(12.8) pts<\/p><\/td><\/tr>\n<\/table> \nFor the three months ended March 31, 2026, our GPW increased primarily driven by growth from newly onboarded partnerships in several lines of business. These increases were partially offset by a non-renewal in our Cyber line of business that did not meet our underwriting criteria and rating hurdles.<\/p> \nFor the three months ended March 31, 2026, our net premiums earned (\"NPE\") remained consistent with the prior year period.<\/p> \nOur policy acquisition expense ratio for the three months ended March 31, 2026 decreased due to changes in the mix of business written and ceded.<\/p> \nThe following table is a summary of our Insurance segment\u2019s losses and loss adjustment expenses:<\/p> \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nChange<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n($ in millions)<\/i><\/b><\/p><\/td><\/tr>\n \nAttritional losses<\/p><\/td> \n$<\/p><\/td> \n140.8<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n122.6<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n18.2<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCatastrophe and large losses<\/p><\/td> \n\u00a0<\/p><\/td> \n71.8<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n166.3<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(94.5<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n(Favorable)\/adverse prior year development<\/p><\/td> \n\u00a0<\/p><\/td> \n15.2<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(7.5<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n22.7<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nLosses and loss adjustment expenses<\/p><\/td> \n$<\/p><\/td> \n227.8<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n281.4<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(53.6<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nLoss ratio - attritional losses<\/p><\/td> \n\u00a0<\/p><\/td> \n27.3<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n23.9<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n3.4 pts<\/p><\/td><\/tr>\n \nLoss ratio - catastrophe and large losses<\/p><\/td> \n\u00a0<\/p><\/td> \n13.9<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n32.6<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(18.7) pts<\/p><\/td><\/tr>\n \nLoss ratio - prior accident years<\/p><\/td> \n\u00a0<\/p><\/td> \n3.0<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(1.5<\/p><\/td> \n)%<\/p><\/td> \n\u00a0<\/p><\/td> \n4.5 pts<\/p><\/td><\/tr>\n \nLoss ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n44.2<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n55.0<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(10.8) pts<\/p><\/td><\/tr>\n<\/table> \nFor the three months ended March 31, 2026, our loss ratio in the Insurance segment improved by 10.8 points compared to the prior year period.<\/p> \nThe attritional loss ratio for the three months ended March 31, 2026 increased by 3.4 points compared to the prior year period due to a higher level of small losses in the current year period.<\/p> \nThe catastrophe and large losses for the three months ended March 31, 2026, were primarily attributable to loss events in various lines of business including Other Insurance, Marine, Property and Political Risk, Violence & Terror. This compared to the prior period catastrophe and large losses that were primarily attributable to the California wildfires in our Property line of business, together with other smaller losses in various lines of business including Other Insurance, Property and Aviation & Aerospace.<\/p> \nFor the three months ended March 31, 2026, adverse prior year development was primarily driven by increased loss estimates related to the Baltimore Bridge collapse within our Marine line of business as well as increases in prior year property D&F losses. These increases were partially offset by better than expected loss emergence in multiple lines of business.<\/p> \nReinsurance Segment<\/b><\/p> \nThe following table is a summary of our Reinsurance segment\u2019s underwriting results:<\/p> \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nChange<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n($ in millions)<\/i><\/b><\/p><\/td><\/tr>\n \nGross premiums written<\/p><\/td> \n$<\/p><\/td> \n404.3<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n455.9<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(51.6<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nReinsurance premium ceded<\/p><\/td> \n\u00a0<\/p><\/td> \n(228.0<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(238.4<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n10.4<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nNet premiums written<\/p><\/td> \n\u00a0<\/p><\/td> \n176.3<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n217.5<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(41.2<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nNet premiums earned<\/p><\/td> \n\u00a0<\/p><\/td> \n53.6<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n91.1<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(37.5<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nLosses and loss adjustment expenses<\/p><\/td> \n\u00a0<\/p><\/td> \n4.0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(147.8<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n151.8<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nPolicy acquisition expenses<\/p><\/td> \n\u00a0<\/p><\/td> \n(13.3<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(19.7<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n6.4<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nUnderwriting income\/(loss)<\/p><\/td> \n$<\/p><\/td> \n44.3<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(76.4<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n120.7<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nLoss ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n(7.5<\/p><\/td> \n)%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n162.2<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(169.7) pts<\/p><\/td><\/tr>\n \nPolicy acquisition expense ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n24.8<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n21.6<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n3.2 pts<\/p><\/td><\/tr>\n \nUnderwriting ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n17.3<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n183.8<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(166.5) pts<\/p><\/td><\/tr>\n<\/table> \nFor the three months ended March 31, 2026, GPW decreased primarily due to reinstatement premiums in the prior year period related to the California wildfires, while NPE decreased due to the acceleration of earnings on contracts with exposure to the California wildfires in the prior year period.<\/p> \nOur policy acquisition expense ratio for the three months ended March 31, 2026 increased primarily due to changes in ceded premium and commissions earned from outwards reinsurance partners.<\/p> \nThe following table is a summary of our Reinsurance segment\u2019s losses and loss adjustment expenses:<\/p> \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nChange<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n($ in millions)<\/i><\/b><\/p><\/td><\/tr>\n \nAttritional losses<\/p><\/td> \n$<\/p><\/td> \n13.8<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n14.1<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(0.3<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nCatastrophe and large losses<\/p><\/td> \n\u00a0<\/p><\/td> \n0.5<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n167.0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(166.5<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nFavorable prior year development<\/p><\/td> \n\u00a0<\/p><\/td> \n(18.3<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(33.3<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n15.0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nLosses and loss adjustment expenses<\/p><\/td> \n$<\/p><\/td> \n(4.0<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n147.8<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(151.8<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nLoss ratio - attritional losses<\/p><\/td> \n\u00a0<\/p><\/td> \n25.7<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n15.5<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n10.2 pts<\/p><\/td><\/tr>\n \nLoss ratio - catastrophe and large losses<\/p><\/td> \n\u00a0<\/p><\/td> \n0.9<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n183.3<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(182.4) pts<\/p><\/td><\/tr>\n \nLoss ratio - prior accident years<\/p><\/td> \n\u00a0<\/p><\/td> \n(34.1<\/p><\/td> \n)%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(36.6<\/p><\/td> \n)%<\/p><\/td> \n\u00a0<\/p><\/td> \n2.5 pts<\/p><\/td><\/tr>\n \nLoss ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n(7.5<\/p><\/td> \n)%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n162.2<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n(169.7) pts<\/p><\/td><\/tr>\n<\/table> \nThe attritional loss ratio for the three months ended March 31, 2026, increased by 10.2 points compared to the prior year period. Although losses were similar in each period, the prior year period had higher NPE due to the reinstatement premiums discussed above, reducing the prior period loss ratio.<\/p> \nThere were no material catastrophe and large losses for the three months ended March 31, 2026. The catastrophe and large losses for the three months ended March 31, 2025 were attributable to the California wildfires.<\/p> \nFor the three months ended March 31, 2026, favorable prior year development was driven by positive development on catastrophe losses and benign prior year attritional experience.<\/p> \nOther Underwriting Expenses<\/b><\/p><\/td><\/tr>\n<\/table> \nWe do not allocate The Fidelis Partnership commissions or general and administrative expenses by segment.<\/p> \nThe Fidelis Partnership Commissions<\/b><\/p> \nThe Fidelis Partnership manages origination, underwriting, underwriting administration, outwards reinsurance and claims handling under delegated authority agreements with the Company. The following table summarizes The Fidelis Partnership commissions earned:<\/p> \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nChange<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n($ in millions)<\/i><\/b><\/p><\/td><\/tr>\n \nCeding commission expense<\/p><\/td> \n$<\/p><\/td> \n76.6<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n78.4<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(1.8<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nProfit commission expense<\/p><\/td> \n\u00a0<\/p><\/td> \n10.2<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n10.2<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nTotal commissions<\/b><\/p><\/td> \n$<\/b><\/p><\/td> \n86.8<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/b><\/p><\/td> \n78.4<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/b><\/p><\/td> \n8.4<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCeding commission expense ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n13.5<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n13.0<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n0.5 pts<\/p><\/td><\/tr>\n \nProfit commission expense ratio<\/p><\/td> \n\u00a0<\/p><\/td> \n1.8<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n%<\/p><\/td> \n\u00a0<\/p><\/td> \n1.8 pts<\/p><\/td><\/tr>\n \nThe Fidelis Partnership commissions ratio<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n15.3<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n13.0<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2.3 pts<\/b><\/p><\/td><\/tr>\n<\/table> \nFor the three months ended March 31, 2026, the increase in The Fidelis Partnership commissions ratio was driven by improved performance in the current year period compared to the prior year period.<\/p> \nGeneral and Administrative Expenses<\/b><\/p> \nFor the three months ended March 31, 2026, general and administrative expenses were $29.2 million (2025: $22.0 million). The increase was primarily due to higher compensation expense, driven by increased headcount and improved performance compared to the prior year period, which resulted in higher variable compensation accruals in the current year. The increase was also due to higher IT expenses, as we made strategic investments in enhancing our infrastructure and technology.<\/p> \nInvestments<\/b><\/p><\/td><\/tr>\n<\/table> \n\u00a0<\/p><\/td> \nThree Months Ended March 31,<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nChange<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n($ in millions)<\/i><\/b><\/p><\/td><\/tr>\n \nNet investment income<\/p><\/td> \n$<\/p><\/td> \n43.7<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n49.5<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n(5.8<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nNet realized and unrealized gains on other investments<\/p><\/td> \n\u00a0<\/p><\/td> \n0.5<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n1.1<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.6<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nNet realized and unrealized investment gains\/(losses) excluding other investments<\/p><\/td> \n\u00a0<\/p><\/td> \n(2.1<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n4.8<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n(6.9<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nNet investment return<\/b><\/p><\/td> \n$<\/b><\/p><\/td> \n42.1<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/b><\/p><\/td> \n55.4<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/b><\/p><\/td> \n(13.3<\/b><\/p><\/td> \n)<\/b><\/p><\/td><\/tr>\n<\/table> \nNet Investment Income<\/i><\/b><\/p> \nNet investment income is the interest income earned on our cash balances, available-for-sale (AFS) fixed income securities and distributions received from our fixed income funds and private credit funds, net of total investment expenses.<\/p> \nFor the three months ended March 31, 2026, we generated net investment income of $43.7 million at an average yield of 4.2% (2025: $49.5 million at an average yield of 4.5%). The decrease in our net investment income for the three months ended March 31, 2026, was driven by lower investable assets compared to the prior year period as well as a lower yield achieved on the fixed income portfolio and cash balances.<\/p> \nNet Realized and Unrealized Gains\/(Losses) on Other Investments<\/i><\/b><\/p> \nNet realized and unrealized gains on other investments is the change in net asset value (\"NAV\") of our fixed income fund, hedge fund and private credit fund investments. The decrease for the three months ended March 31, 2026, compared to the prior year period, was driven by a negative change in the NAV on our fixed income funds as interest rates moved higher in the quarter.<\/p> \nNet Realized and Unrealized Investment Gains\/(Losses) Excluding Other Investments<\/i><\/b><\/p> \nNet realized and unrealized investment gains\/(losses) excluding other investments includes net realized gains\/(losses) on sales of fixed maturity securities, available-for-sale, and movements in our provision for current expected credit losses. The decrease in net realized and unrealized investment gains\/(losses) excluding other investments for the three months ended March 31, 2026, resulted from movements in our provision for current expected credit losses of $(2.2) million (2025: $4.0 million).<\/p> \nOther Items<\/b><\/p><\/td><\/tr>\n<\/table> \nShare Repurchases<\/b><\/p> \nIn the three months ended March 31, 2026, we repurchased 11,544,855 common shares for an aggregate of $219.4 million, excluding expenses, at an average price of $19.00 per common share, pursuant to our share repurchase authorization. Included in common shares repurchased for the three months ended March 31, 2026 were 8,597,170 common shares from CVC Falcon Holdings Limited for an aggregate of $163.3 million through a privately negotiated transaction. Subsequent to March 31, 2026 and through the period ended May 8, 2026, we repurchased 705,752 common shares at an aggregate cost of $14.4 million and an average price of $20.44 per common share.<\/p> \nDividend Announcement<\/b><\/p> \nOn May 7, 2026, we announced that our Board of Directors has approved and declared a dividend of $0.15 per share, payable on June 26, 2026, to common shareholders of record on June 15, 2026.<\/p> \nPelagos Insurance Capital (formerly Fidelis Insurance Group) Rebrand<\/b><\/p> \nFollowing shareholder approval at the Annual General Meeting on April 28, 2026, Fidelis Insurance Group has rebranded as Pelagos Insurance Capital, effective May 11, 2026. The legal name change became effective on the same date and the Company begun trading on the New York Stock Exchange under its new name and ticker symbol, \u201cPLGO,\u201d on May 12, 2026.<\/p> \nAM Best<\/b><\/p> \nOn April 1, 2026, AM Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of \"a\" (Excellent) for the Company and its operating subsidiaries. The outlook for these ratings is stable, reflecting strong capitalization and underwriting performance.<\/p> \nConference Call<\/b><\/p> \nPelagos will host a teleconference to discuss its financial results on Thursday, May 14, 2026, at 9:00 a.m. Eastern time. The call can be accessed by dialing 1-800-715-9871 (U.S. and Canada callers), or 1-646-307-1963 (international callers), and entering the passcode 8797451 approximately 10 minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investors section of the Company\u2019s website at www.pelagosinsurancecapital.com<\/a>. A recording of the webcast will be available in the Investor Relations section of the Company\u2019s website approximately two hours after the event concludes and will be archived on the site for one year.<\/p> \nAbout Pelagos Insurance Capital<\/b><\/p> \nPelagos Insurance Capital (NYSE: PLGO), formerly Fidelis Insurance Group (NYSE: FIHL), is an expert capital allocator and risk selector in specialty insurance and reinsurance. We bring together strategic capital and specialist underwriting expertise to deliver value through the cycle.<\/p> \nWith a differentiated, diversified portfolio and strong balance sheet, we deploy capital into the most compelling areas of the market through our network of best-in-class underwriting partners. Our deep expertise and multiple points of access to the market enable us to adapt as the market evolves, optimize performance, and produce superior outcomes for clients, brokers, and shareholders.<\/p> \nPelagos Insurance Capital makes the connections that matter in specialty risk.<\/p>\n
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