Business Wire·Nov 11, 2026, 4:15 PM ET

Pelagos Insurance Capital Reports Third Quarter 2026 Results

PLGO FIHL

Pelagos Insurance Capital reported third quarter 2026 gross premiums written of $839.8 million, representing 5.3% growth from the same period in 2025.
The company achieved an annualized operating return on average common equity (ROAE) of 15.3% for the third quarter of 2026.
Net income for the quarter was $61.7 million ($0.74 per diluted share), while operating net income reached $83.3 million ($1.00 per diluted share).
The combined ratio for the third quarter of 2026 was 91.5%, compared to 79.0% in the prior year period.
Catastrophe and large losses totaled $115.9 million in the third quarter of 2026, driven by conflicts in the Black Sea and the Middle East affecting the Marine line of business.
Net adverse prior year loss reserve development was $4.7 million for the quarter, contrasting with net favorable development of $16.0 million in 2025.
Total capital returned to shareholders in the quarter was $95.2 million, consisting of $83.0 million in share repurchases at an average price of $24.55 per share and $12.2 million in dividends.
For the nine months ended September 30, 2026, gross premiums written reached $4.0 billion, reflecting 6.4% growth from the first nine months of 2025.
The nine-month combined ratio improved to 92.4% from 99.5% in the prior year period, with an annualized operating ROAE of 11.8%.
Catastrophe and large losses for the nine-month period were $350.0 million, primarily attributable to conflicts in the Middle East and Black Sea, as well as the Ras Laffan gas plant explosion in Qatar.
Net income for the nine months ended September 30, 2026, was $214.1 million ($2.46 per diluted share), with operating net income of $200.4 million ($2.30 per diluted share).
Book value per diluted common share increased to $26.60 at September 30, 2026, an 8.1% rise from December 31, 2025, excluding accumulated other comprehensive income/(loss) where the increase was 11.9%.
The company announced on November 3, 2026, that its Board replenished share repurchase authorization to $400.0 million.
The Board also declared an increased quarterly dividend of $0.22 per common share, payable on December 23, 2026, to shareholders of record on December 11, 2026.
Underwriting income for the Insurance segment was $98.6 million in the quarter, while the Reinsurance segment reported $94.7 million in underwriting income.
Net investment income for the quarter was $44.6 million, and net realized and unrealized investment losses were $27.4 million.