Created: Feb 25, 2026 07:57 PM (Updated: Feb 25, 2026 07:57 PM)
Dan Burrows, Fidelis CEO
Fidelis Insurance Holdings reported that its full-year net income rose nearly 10 per cent to $225.5 million.
Underwriting income totalled $117.2 million, as gross premiums written increased 7.1 per cent for the year to near $4.72 billion.
At the same time, the Bermudian based company announced it intends to change its name to Pelagos Insurance Capital and is expected to begin trading under the new ticker symbol (NYSE: PLGO) in May 2026, subject to all necessary regulatory and legal approvals.
Catastrophe and other larges losses for the year totalled $515.5 million, with property losses related to Hurricane Melissa and the California wildfires a major factor.
Fidelis’s combined ratio — a measure of underwriting profitability — improved to 94.8 per cent in 2025 from 99.7 per cent in the previous year.
For the fourth quarter, Fidelis said net income was $117.8 million, while underwriting income was $106.8 million and the combined ratio was 80.6 per cent.
Book value per diluted common share was $24.61 at December 31, 2025, an increase of 15.2 per cent, including cumulative dividends from a year earlier.
Fidelis shares closed at $20.11 on the Nasdaq Stock Exchange yesterday before earnings were released.
Dan Burrows, group chief executive officer of Fidelis, said: “In 2025, we further expanded our network of underwriting partners and continued to capitalise on attractive growth opportunities, achieving record gross premiums written.
“We are entering 2026 with a tremendous amount of confidence in our ability to identify and execute on profitable underwriting opportunities.”
Mr Burrows added that the new name, Pelagos, expected to launch in May, “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.”
