WHY INVEST

A strategic capital allocator with a differentiated model

Pelagos Insurance Capital brings together strategic capital, expert risk selection, and specialist underwriting expertise to create long-term value for shareholders. Working with a network of underwriting partners, we allocate capital to the most attractive opportunities across the market, balancing underwriting growth with disciplined capital returns.

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Why invest in Pelagos Insurance Capital?

Our Investment Case

Five reasons to invest in Pelagos

01

An expert capital allocator and risk selector in specialty insurance and reinsurance

 02

Differentiated market access to high-quality, diversified risks

 03

Demonstrated track record of growth and value creation

 04

A strong capital position

 05

Highly experienced and connected leadership team
01

An expert capital allocator and risk selector in specialty insurance and reinsurance

Our ability to determine how, where, and when we deploy capital across lines, geographies, and partners is a key differentiator that provides flexibility to pursue the most attractive opportunities as they emerge. We have a high-quality, diversified portfolio spanning over 100 products across our 10 major lines of business that aim to deliver resilient performance throughout market cycles.

Mature & well-positioned specialty insurance & reinsurance portfolio

Over 100 products across our 10 major lines of business Insurance

Insurance

  • Scale position across traditional specialty lines, with 30+ years of trading relationships.
  • Highly capital efficient, well-diversified specialty insurance book.
  • Includes major specialty lines plus highly tailored products, where the buying motivation is often driven by regulatory capital relief, capital efficiency or transaction facilitation.
  • Benefits from quota share, excess of loss cover and industry loss warranties, which help to reduce volatility.

$3,937m

GPW1

53%

Avg. loss ratio2

Reinsurance

  • Focused property catastrophe book, with sophisticated data and pricing capabilities.
  • Actively managed, property reinsurance book.
  • Strategy of pursuing closely controlled aggregates and focusing on residential portfolios.
  • Benefits from quota share, excess of loss retrocessional cover, catastrophe bond cover and industry loss warranties, which helps to minimize potential net losses in the business written.

$976m

GPW1

9%

Avg. loss ratio2

    • Property 28%
    • Asset-Backed Finance & Portfolio Credit 12%
    • Energy 5%
    • Aviation & Aerospace 4%
    • Marine 15%
    • Other Insurance 10%
    • Political Risk, Violence & Terror 4%
    • Cyber 2%
    • Property Reinsurance 19%
    • Retro & Whole Account 1%
  • Gross premiums written for the trailing twelve months (“TTM”) ended June 30, 2026.
  • Calculated as the average loss ratio across 2023, 2024, 2025, and YTD June 30, 2026.
02

Differentiated market access to high-quality, diversified risks

Our growing network of underwriting partners provides reliable access to a high-quality and diversified portfolio of risks. Based on the strategy set by our in-house underwriting team, we identify and partner with best-in-class underwriters who bring proven track records and differentiated access points to the market. By utilizing several partners in the same marketplace, we are able to grow and diversify in attractive areas and where we have extensive expertise.

Providing long-term access to leading underwriters with strong track records

Ensuring lead positioning on deals through enduring partnerships

Actively shaping a highly diversified portfolio of short-tail specialty insurance and reinsurance risks

Matching the right capital to the right risk and leaning into areas of market opportunity

03

Demonstrated track record of growth and value creation

We have built a strong foundation for scale and profitable growth through disciplined underwriting, thoughtful capital allocation, and a differentiated specialty platform. Supported by a strong capital position, we have the flexibility to deploy capital selectively where opportunities align with our risk appetite and return thresholds. This disciplined approach has enabled us to consistently grow gross premiums written, generate attractive returns, and drive meaningful accretion in diluted book value per share.

Gross Premiums Written

$ in billions

+63% (2022–TTM Q2 2026)

Book Value Per Diluted Common Share

$ per common share

+71% (2022–Jun 30, 2026)

  • Book Value
  • Cumulative Common Dividends
  • Gross premiums written for the trailing twelve months (“TTM”) ended June 30, 2026.
  • As of the Separation Transaction on January 3, 2023, the date on which a number of separation and reorganization transactions occurred to create two distinct holding companies and businesses: Pelagos Insurance Capital and The Fidelis Partnership (the “Separation Transactions”).
04

A strong capital position

Our strong capital position provides ample liquidity and flexibility to pursue compelling and accretive underwriting opportunities while also enhancing shareholder returns. We have a proven track record of returning capital to shareholders through a combination of dividends and opportunistic share repurchases.

Capital Strength & Balance Sheet Scale

As of June 30, 2026 · $ in millions

  • Common equity
  • Long-term debt1

Long-term debt comprised of

$400 million 7.750% Subordinated Notes, due 2055

$330 million 4.875% Senior Notes, due 2030

  • Long-term debt amounts are presented at carrying value as of June 30, 2026.

Capital Returns Inception to Date

As of June 30, 2026 · $ in millions

  • Open market share repurchases1
  • Privately negotiated share repurchases1
  • Common share dividends
  • Includes pro rata shares repurchased from The Fidelis Partnership.

24.5%

Debt-to-Capital Ratio1

$0.15

Quarterly dividend1

2.4%

Dividend Yield2

$139.1m

Share repurchase authorization remaining1

262%

BSCR Ratio3

A

AM Best Stable Outlook4

A-

S&P Stable Outlook4

A3

Moody's Stable Outlook4

  • As of June 30, 2026.
  • Dividend yield is the annualized Q2 2026 dividend divided by $25.03, the closing share price as of August 7, 2026.
  • See 2025 Financial Conditions Report as filed with the Bermuda Monetary Authority. This ratio reflects the ECR (Enhanced Capital Requirement) ratio.
  • As of June 18, 2026. Financial strength ratings included are provided by third-party rating agencies and are subject to adjustment at the sole discretion of those agencies. Their inclusion does not constitute an endorsement of the ratings.
05

Highly experienced and connected leadership team

Our executives are a globally connected team of insurance specialists with decades of deep relationships in the market. We bring together deep expertise and experience, driving the disciplined execution that underpins our performance.

See our full Leadership Team

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