Pelagos Insurance Capital CEO Dan Burrows said on the company’s recent earnings call that the changing geopolitical landscape in the Middle East is bringing new opportunities to the region.
In the first quarter of 2026, Pelagos Insurance Capital Limited (formerly known as Fidelis Insurance Holdings Limited) reported a $76.2 million increase in underwriting revenue across the group, driven by solid performance in the insurance and reinsurance business.
The company held an earnings call with analysts yesterday, and speaking of its maritime business, Barros noted that the segment experienced strong new business flow during the quarter, with the ongoing conflict in the Middle East triggering a “step change” in maritime war rates.
He commented: “As a leader, our ability to respond quickly and execute customized trades in the open markets allows us to proactively manage our portfolio and individual risk levels.”
Burrows said Pelagos stands out because of its underwriting discipline driven by a precise risk assessment process. He went on to explain that the company works with underwriting partners to analyze each risk on key factors such as vessel, journey, crew origin, cargo and beneficial ownership, a process that allows them to underwrite vessels on a vessel-by-vessel basis.
Changes in the geopolitical environment have also led to a significant expansion of political violence and terrorist activities. The growth was attributed to the company’s “flexibility in choosing an approach to individual risk that meets our pricing barriers.”
Burrows said: “Pricing in the Middle East remains strong. We continue to benefit from our scale and leadership position, enabling selective deployment and margin retention in attractive market segments. The changing geopolitical landscape is creating new opportunities in the region, and we are well positioned to continue to execute on these opportunities.”
The executive cited the company’s rapid operational response as a key differentiator after the initial escalation of tensions in the region.
“As soon as the Middle East conflict broke out, we sat on an underwriting and risk appetite framework,” Barros explains. “Working with our partners, we are among the first to underwrite risks and deploy capital. This allows us to maximize pricing and set terms and conditions. This is a testament to our ability to not only match the right capital with the right risk, but also with the right partner at the right time.”
Burrows also commented on the impact of geopolitical events in the Middle East on the quarter, stressing that the financial benefits from these accounts will be felt later in the year.
“I think it obviously spans two quarters,” Burrows said. “You’re going to see more growth in the second quarter than you did in the first quarter. But it’s obviously an ongoing situation and we still see opportunities in that area. But there’s going to be more load in the second quarter than there was in the first quarter.”
