Pelagos Insurance Capital Limited, formerly known as Fidelis Insurance Holdings Limited, recorded group-wide gross written premiums (GWP) growth of 6.4% and 6.6% to USD 1.3 billion and USD 3.1 billion for the second quarter and first half of 2026, respectively.
For Q2’26, the combined ratio improved by 4 points to 99.5% from 103.7% in Q2’25. For H1’26, CoR improved by 17 points to 93.1% compared to 110.1% in H1’25.
This can be attributed to the growth in underwriting income for Q2’26 to USD 2.8 million, compared to an underwriting loss of USD 20.6 million in Q2’25. Meanwhile, underwriting income for H1’26 was USD 79 million, compared to an underwriting loss of $115.1 million in H1’25.
However, catastrophe and large losses for Q2’26 rose to USD 161.8 million compared to USD 74.3 million in the prior year period. Meanwhile, cat and large losses for H1’26 came down to USD 234.1 million compared to USD 407.6 million in H1’25.
The second quarter of 2026 included a net favourable prior year loss reserve development of USD 32.7 million, compared to net adverse development of USD 89.2 million in Q2’25. Meanwhile, H1’26 reported a net favourable prior year loss reserve development of USD 35.8 million compared to net adverse development of USD 48.4 million in H1’25.
Taking a look at the firm’s reinsurance segment, GWP grew to USD 383.3 million for Q2’26, compared to USD 316.7 million in Q2’25. GWP for H1’26 grew to USD 787.6 million, compared to USD 772.6 million in H1’25.
The segment’s net premiums written (NPW) grew to USD 225.7 million, compared to USD 152.7 million in Q2’25, while net premiums earned (NPE) decreased to USD 66.4 million, compared to USD 79.1 million in Q2’26, due to business mix.
For H1’26, NPW were USD 402 million, compared to USD 370.2 million, while NPE came down to USD 120 million compared to USD 170.2 million in H1’25, due to acceleration of earnings on contracts with exposure to the California wildfires in the prior year period.
The reinsurance segment reported a relatively flat underwriting income of USD 53 million for Q2’26, while for H1’26 the same grew to USD 97.3 million, compared to a loss of USD 22.3 million in H1’25.
The attritional loss ratio for Q2 and H1 2026 improved by 17.3 points and 4.9 points, respectively, compared to the prior year periods, both of which were benign in terms of attritional losses.
Pelagos explained that there were no material catastrophes and large losses for Q2 and H1 2026. For Q2’26, cat and large losses were USD 4.8 million, a result of an updated estimate of outwards reinsurance recoveries, while for H1’26, the same were USD 5.3 million, compared to USD 184.1 million in H1’25, driven by the California wildfires.
In the insurance segment, GWP hit USD 913.5 million for Q2’26, compared to USD 902.3 million in Q2’25. GWP for H1’26 grew to USD 2.34 billion, compared to USD 2.2 billion in H1’25. The segment’s NPW dipped slightly to USD 543.5 million, compared to USD 546.2 million in Q2’25, while NPE rose to USD 514.7 million, compared to USD 458.9 million in Q2’25, due to earnings from higher NPW.
For H1’26, NPW were USD 1.5 billion, compared to USD 1.4 billion, while NPE grew to USD 1 billion compared to USD 970.8 million in H1’25. The segment reported a growth in underwriting income to USD 49.6 million for Q2’26, while for H1’26 the same grew to USD 197.5 million.
For Q2’26, cat and large losses were USD 157 million, compared to USD 57.2 million, primarily from the conflict in the Middle East, the gas plant explosion at the Ras Laffan facility in Qatar, and other loss events in property and marine. This compares to losses driven by aviation & aerospace related to Air India in Q2’25, and property losses related to two events.
For H1’26, cat and large losses were relatively flat at USD 228.8 million, compared to USD 223.5 million in H1’25, driven by the aforementioned reasons, compared to the prior period losses attributable to the California wildfires, with other losses in several lines of business.
For this quarter, The Fidelis Partnership recorded commissions of USD 70.5 million, compared to USD 70.6 million in Q2’25. Meanwhile, for H1’26, the same were USD 157.3 million compared to USD 149 million in H1’25.
Additionally, net income for Q2’26 was USD 44.4 million, compared to USD 19.7 million in Q2’25. While H1’26 reported a net income of USD 152.4 million, compared to a loss of USD 22.8 million in the comparative time period.
For Q2’26, the operating net income was USD 28.7 million, with a net investment income of USD 44 million, compared to USD 44.6 million in Q2’25.
While, H1’26 reported an operating net income of USD 117.1 million, with a net investment income of USD 87.7 million, compared to USD 94.1 million in H1’25.
Dan Burrows, Group Chief Executive Officer of Pelagos Insurance Capital, commented: “Our first-half performance reflects the continued success of our capital allocator model and our underwriting discipline. Year-to-date, we grew gross premiums written by 6.6% and book value per diluted common share by 9.1%, and by 22.6% over the last 12 months. We returned $73 million to shareholders in the second quarter through dividends and repurchases, underscoring our commitment to balancing profitable growth with accretive capital management.
“Looking ahead, our network of underwriting partners provides differentiated access to compelling opportunities. Through evolving market conditions, our focus remains consistent – deploying capital where we see attractive risk-adjusted returns. We believe that agility, combined with our capital strength, positions Pelagos to continue creating long-term value for shareholders.”
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