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Pelagos premium growth continues in Q2 2026 as combined ratio improves
Pelagos said catastrophe and large losses were USD 161.8 million in Q2 2026, up from USD 74.3 million a year earlier, even as the combined ratio fell to 99.5%.
Pelagos Insurance Capital Limited, formerly Fidelis Insurance Holdings Limited, reported group-wide gross written premiums growth of 6.4% to USD 1.3 billion in Q2 2026 and 6.6% to USD 3.1 billion for the first half of 2026, according to Reinsurance News.
For Q2 2026, Pelagos improved its combined ratio by 4 points to 99.5% from 103.7% in Q2 2025. In the first half, the combined ratio declined to 93.1% from 110.1%, reflecting a shift in underwriting performance.
Underwriting income rose to USD 2.8 million in Q2 2026 from an underwriting loss of USD 20.6 million in Q2 2025, while underwriting income for H1 2026 was USD 79 million versus an underwriting loss of USD 115.1 million in H1 2025. The company cited higher catastrophe and large losses, with those losses reaching USD 161.8 million in Q2 2026 from USD 74.3 million in the prior-year quarter, and falling to USD 234.1 million for H1 2026 from USD 407.6 million a year earlier.
Pelagos also reported favorable prior-year loss reserve development of USD 32.7 million in Q2 2026, compared with net adverse development of USD 89.2 million in Q2 2025. In its reinsurance segment, gross written premiums increased to USD 383.3 million in Q2 2026 from USD 316.7 million a year earlier, while net premiums written rose to USD 225.7 million from USD 152.7 million, and the firm said there were no material catastrophes and large losses for the quarter and half-year.