Alongside its full-year 2025 results, which included underwriting income of $117.2 million and a combined ratio of 94.8%, Fidelis Insurance Group has announced its intention to change its name to Pelagos Insurance Capital Limited.
Fidelis explained that it expects to begin trading under the new ticker symbol (NYSE: PLGO) in May 2026, subject to all necessary regulatory and legal approvals.
The firm continued, “Following this brand refresh, our regulatory permissions, our operations and the way we conduct business will remain unchanged.
“The arrangements we have with underwriters, brokers, clients, investors and suppliers or the coverage, including policy terms and conditions, we provide to our clients, will remain unchanged throughout and after the rebranding process.
“Throughout 2026, our various businesses 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, Group Chief Executive Officer, Fidelis Insurance Group, commented on the news, “Our new name, Pelagos Insurance Capital, expected to launch in May 2026, captures our brand identity and future direction.
“It reflects our role as strategic capital allocators, highlights our unique market position, and reinforces our commitment to building lasting partnerships and meaningful connections with an expanded network of underwriting partners.
“Pelagos comes from the root of the word ‘archipelago,’ a community of islands, each unique yet connected and working together.
“It reflects how we’re built: a global community of teams, locations and trading partners, each bringing distinct expertise and made stronger by the connections between us.”
Returning to Fidelis’ full-year results, as mentioned, underwriting income for 2025 climbed to $117.2 million, producing a combined ratio of 94.8%, compared with underwriting income of $8.3 million and a combined ratio of 99.7% in 2024.
Catastrophe and large losses totalled $515.5 million for the year, broadly in line with the $509 million reported in the prior period.
The group also recorded net favourable prior-year reserve development of $3 million in 2025, a marked improvement on the net adverse development of $124.6 million in 2024.
As a result, net income for 2025 rose to $225.5 million, while operating net income reached $205.2 million.
Gross written premiums increased to $4.72 billion, including $3.76 billion from the insurance segment and $961 million from the reinsurance segment, both representing year-on-year growth.
In Q4 2025 alone, Fidelis’ net income was $117.8 million, and operating net income was $110.4 million.
Underwriting income for the quarter reached $106.8 million, resulting in a combined ratio of 80.6%, a sharp improvement from an underwriting loss of $177.6 million and a combined ratio of 128.0% in Q4 2024.
The final quarter of 2025 also benefited from net favourable prior-year reserve development of $35.4 million, compared with $270.3 million of adverse development in the same period a year earlier.
Catastrophe and large losses declined to $50.5 million from $133.2 million in Q4 2024. Notably, the reinsurance segment recorded no catastrophe or large losses during the quarter and benefited from the sale of certain subrogation rights related to the California wildfires.
Burrows said on the results, “In 2025, we further expanded our network of underwriting partners and continued to capitalise on attractive growth opportunities, achieving record gross premiums written of $4.7 billion, up 7.1% over the prior year.
“We are entering 2026 with a tremendous amount of confidence in our ability to identify and execute on profitable underwriting opportunities.
“Combined with our strategic use of outwards reinsurance and disciplined capital management, we are well positioned to deliver sustained value to our shareholders, clients, and partners.”
