Pelagos Insurance Capital
Specialty insurer and reinsurer built around delegated underwriting partnerships.
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Profile
Writes specialty insurance and property-catastrophe reinsurance, earning premiums and investment income on insurance float. A capital-allocation model separates regulated risk carriers from much of the delegated underwriting and claims work performed by The Fidelis Partnership.
Operates regulated insurance carriers in Bermuda, the United Kingdom and Ireland, writing specialty insurance and property-catastrophe reinsurance. Product lines include commercial property, marine, energy, aviation and aerospace, cyber, structured credit, political risk, violence and terror, plus quota-share, excess-of-loss and retrocession cover.
Earns premiums for assuming risk and investment income on insurance float, while setting underwriting strategy and allocating capital. The Fidelis Partnership performs most origination, underwriting, claims handling and reinsurance administration under a rolling agreement; Pelagos retains risk appetite, oversight and approval over large claims. Brokers and reinsurance intermediaries distribute global risk business, while regulated subsidiaries must maintain capital and the parent depends on their distributions for liquidity.
Company facts
Key statistics
Year to date +21.6% · Average volume (30d) 452.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Barclays | Reiterate | Equal Weight | $24 | $23 |
| Jul 10, 2026 | Evercore ISI | Target | $24 | ||
| Jul 8, 2026 | UBS | Reiterate | Buy | $29 | |
| Jul 7, 2026 | Barclays | Target | $22 | $24 | |
| Jul 1, 2026 | Goldman Sachs | Reiterate | Sell | $22.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.88 | $0.34 | −61.3% | $787.0M | $1.30B | +64.8% | −6.46% |
| May 13, 2026Q1 FY26 | $0.75 | $0.94 | +25.3% | $903.2M | $1.84B | +103.8% | +15.91% |
| Feb 25, 2026Q4 FY25 | $1.06 | $1.09 | +2.8% | $725.3M | $978.2M | +34.9% | — |
| Nov 12, 2025Q3 FY25 | $1.19 | $1.21 | +1.7% | $638.6M | $797.5M | +24.9% | — |
Financial highlights
| 11 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $577.5M | $591.3M | $650.2M | $274.8M | $612.3M | $624.4M | |
| Gross profit | −$19.6M | $55.0M | $203.1M | $182.6M | $388.5M | $331.8M | |
| Operating income | −$50.3M | $22.2M | $160.8M | $142.9M | $103.1M | $52.9M | |
| Net income | −$42.5M | $19.7M | $130.5M | $117.8M | $108.0M | $44.4M | |
| Diluted EPS | −$0.38 | $0.18 | $1.24 | $1.17 | $1.15 | $0.52 | |
| Gross margin | -3.4% | 9.3% | 31.2% | 66.4% | 63.4% | 53.1% | |
| Operating margin | -8.7% | 3.8% | 24.7% | 52.0% | 16.8% | 8.5% |
Fiscal years (4-quarter sums)FY24 $2.42B · FY25 $2.09B
Balance sheet, Jun 30, 2026Cash & short-term investments $517.1M · Total debt $720.5M · Total assets $10.76B · Shareholders' equity $2.22B
Dividends
Last raised to $0.15 from $0.10 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 26 | $0.15 | |
| Mar 16, 2026 | Mar 16 | Mar 27 | $0.15 | |
| Dec 10, 2025 | Dec 10 | Dec 23 | $0.15 | |
| Sep 16, 2025 | Sep 16 | Sep 26 | $0.15 | raised from $0.10 |
| Jun 16, 2025 | Jun 16 | Jun 27 | $0.10 | |
| Mar 12, 2025 | Mar 12 | Mar 27 | $0.10 | |
| Nov 29, 2024 | Nov 29 | Dec 20 | $0.10 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.10 |
Ownership
Shares outstanding 85.50M · Float 46.43M
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- AXIS Capital
Broad global specialty and reinsurance capacity across core lines.
- Everest Group
Scaled global insurance and reinsurance capacity across property and specialty.
- Hamilton Insurance Group
Bermuda and Lloyd's specialist across insurance and reinsurance.
- Lead Real Estate (ADR)
Short-tail specialist in property, marine, energy, aviation and reinsurance.
- Markel Group
Large specialty-insurance rival in property, marine, energy and credit.
- Cre8 Enterprise
Bermuda treaty reinsurer for property catastrophe and specialty capacity.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pelagos Insurance Capital | $24.55 | +0.16% | $2.10B | 6.0 | 6.5 | 1.0 | +6.4% |
| AXIS Capital | $99.52 | 0.00% | $7.26B | 6.3 | 7.6 | 1.1 | +7.4% |
| Everest Group | $377.61 | −0.02% | $14.94B | 8.0 | 6.9 | 0.9 | −10.1% |
| Hamilton Insurance Group | $35.35 | 0.00% | $3.53B | 6.1 | 8.0 | 1.2 | +12.2% |
| Lead Real Estate (ADR) | $1.29 | 0.00% | $17.7M | 3.0 | — | 0.2 | — |
| Markel Group | $1,818.69 | −0.07% | $22.53B | 10.0 | 15.8 | 1.3 | +17.6% |
| Cre8 Enterprise | $3.70 | −6.80% | $7.9M | — | — | — | — |
| Median | 6.3 | 7.8 | 1.1 | +9.8% |