In addition to its full-year 2025 results, which included underwriting revenue of $117.2 million and a combined ratio of 94.8%, Fidelis Insurance Group also announced its intention to change its name to Pelagos Insurance Capital Limited.
Fidelis explained that trading under the new ticker (NYSE: PLGO) is expected to begin in May 2026, subject to receipt of all necessary regulatory and legal approvals.
The company continued: “Following this brand refresh, our regulatory clearances, our operations and the way we do business will remain unchanged.
“Our arrangements or coverage with our underwriters, brokers, customers, investors and suppliers, including the terms and conditions of the policies we offer to customers, will remain unchanged during and after the rebranding process.
“By 2026, our various business and legal entities will also adopt the Pelagos Insurance Capital name, subject to obtaining all necessary regulatory and legal approvals, including shareholder approval.”
Dan Burrows, CEO of Fidelis Insurance Group, commented on the news: “Our new name, Pelagos Insurance Capital, expected to be launched in May 2026, reflects our brand image and future direction.
“It reflects our role as a strategic capital allocator, highlights our unique market position and reinforces our commitment to building lasting partnerships and meaningful connections with our expanded network of underwriting partners.
“Pelagos, derived from the root of the word ‘archipelago,’ is a community of islands, each unique but interconnected and functioning together.
“It reflects the way we are built: a global community of teams, locations and trading partners, each bringing unique expertise and becoming stronger through the connections between us.”
Returning to Fidelis’ full-year results, as mentioned above, underwriting revenue climbed to $117.2 million in 2025, with a combined ratio of 94.8%, compared to underwriting revenue of $8.3 million in 2024, with a combined ratio of 99.7%.
Catastrophic and major losses totaled $515.5 million for the year, essentially consistent with the $509 million reported in the previous period.
The group also recorded a prior year net favorable reserve development of $3.0 million in 2025, a significant improvement on the net unfavorable development of $124.6 million in 2024.
As a result, net profit rose to $225.5 million in 2025, with operating net profit reaching $205.2 million.
Total premiums increased to US$4.72 billion, including US$3.76 billion in insurance business and US$961 million in reinsurance business, both of which increased year-on-year.
In the fourth quarter of 2025 alone, Fidelis’ net profit was US$117.8 million and operating net profit was US$110.4 million.
Underwriting revenue for the quarter reached $106.8 million, with a combined ratio of 80.6%, a significant improvement from the fourth quarter of 2024’s underwriting loss of $177.6 million and a combined ratio of 128.0%.
The final quarter of 2025 also benefited from net favorable reserve development of $35.4 million in the prior year, compared with unfavorable developments of $270.3 million in the prior year period.
Catastrophe and substantial losses fell to $50.5 million from $133.2 million in the fourth quarter of 2024. Notably, the reinsurance unit had no catastrophes or large losses during the quarter and benefited from the sale of certain subrogations related to the California wildfires.
Commenting on the performance, Burrows said: “In 2025, we further expanded our underwriting partner network and continued to capitalize on attractive growth opportunities, achieving record written gross premiums of $4.7 billion, an increase of 7.1% over the previous year.
“As we enter 2026, we are confident in our ability to identify and execute on profitable underwriting opportunities.
“Combined with our strategic use of outward reinsurance and disciplined capital management, we are well-positioned to deliver sustained value to our shareholders, customers and partners.”