Fidelis Insurance Holdings Limited has announced plans to rebrand as Pelagos Insurance Capital Limited and begin trading under the ticker PLGO on the New York Stock Exchange in May 2026, subject to regulatory, legal and shareholder approvals, as it looks to build on sharply improved underwriting and profitability metrics.
The company said the name change will not affect regulatory permissions, operations or existing commercial arrangements, with contracts, coverage terms and partner relationships remaining unchanged throughout the transition. Subsidiaries and legal entities are expected to adopt the Pelagos name during 2026 once approvals are secured.
Group chief executive officer Dan Burrows said the new brand reflects the firm’s evolution into a strategic capital allocator and its model of operating through a network of underwriting partners. The name “Pelagos,” derived from the root of archipelago, was chosen to represent interconnected teams and trading relationships across markets.
The rebranding announcement follows a markedly stronger financial performance in the fourth quarter and full year 2025, with underwriting discipline, reserve development and catastrophe experience all contributing to improved returns.
Fourth-quarter highlights (Q4 2025):
Burrows said the quarter demonstrated “the strength of our platform and our ability to deliver on our targets as we execute our capital allocation strategy.”
For the year ended Dec. 31, 2025, the group reported:
Underwriting income rose to $117.2 million, reflecting improved loss experience and tighter expense ratios, while favourable prior-year reserve development replaced the adverse development recorded in 2024.
Catastrophe and large losses for the year totalled $515.5 million, broadly in line with the prior year, with events including hurricane and wildfire activity contributing to claims.
Insurance gross premiums written increased both quarterly and annually, driven primarily by new business opportunities and recently onboarded partnerships. The loss ratio improved sharply in Q4 to 52.2% from 88.4%, helped by reductions in prior-year catastrophe reserves and benign development on earlier underwriting years.
Attritional losses rose modestly, reflecting a higher frequency of smaller claims, while catastrophe losses in the quarter included property and specialty-line events.
For the full year, adverse prior-year development was partly driven by higher reserves in the aviation and aerospace line tied to litigation outcomes following judgments from the English High Court.
Results were more volatile but showed notable quarterly improvement. The segment recorded:
Quarterly catastrophe losses fell significantly after the group sold part of its subrogation rights tied to wildfire claims, while full-year premiums benefited from reinstatement business and new underwriting opportunities.
The insurer’s investment portfolio generated a 4.4% annualized return for 2025, up from 3.5% in 2024, supported by higher-yielding fixed-income purchases and allocations to alternative assets including hedge funds and private credit.
Net investment return rose to $206.8 million for the year, compared with $161.9 million previously, despite slightly lower net investment income due to reduced investable assets following claims payments.
General and administrative expenses increased modestly to $96.6 million, primarily reflecting higher headcount and performance-linked compensation, partially offset by tax credits introduced in Bermuda.
Management said the company enters 2026 with “a tremendous amount of confidence” in its ability to identify profitable underwriting opportunities, citing disciplined capital management, selective risk appetite and use of outward reinsurance as key pillars.
For industry observers, the planned rebrand signals more than a cosmetic change. It aligns with a broader strategic narrative: positioning the group not simply as an insurer, but as a capital platform designed to deploy underwriting capacity through partnerships and specialized risk channels.
If approved, the Pelagos transition will mark the most visible step yet in that repositioning - coming at a time when improved profitability metrics suggest the underlying business model is gaining traction.
