Pelagos Insurance Capital Limited · NYSE:PLGO
Pelagos Insurance Capital — Fidelis Insurance Holdings — Q1 2025 Earnings Presentation
20 slides from Pelagos Insurance Capital's earnings presentation, May 15, 2025
Slide 1: Investor Presentation March 31, 2025
Investor Presentation March 31, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
fidelisinsurance.com This presentation, the related press release, posts on our website and LinkedIn and the related discussion and analysis relating to our financial results for the three months ended March 31, 2025, contain, and our officers and representatives may from time to time make (includin
Slide 3: Fidelis Insurance Group: At a Glance
fidelisinsurance.com Fidelis Insurance Group: At a Glance Note: 1. Results as of March 31, 2025, and gross premiums written for the trailing twelve months (“TTM”) ended March 31, 2025. 2. Book value diluted common share growth as of the Separation Transactions on January 3, 2023, and includes accumu
Slide 4: Over 100 products across our 10 major lines of business
fidelisinsurance.com Property 28% Marine 18% Asset Backed Finance & Portfolio Credit 11% Aviation & Aerospace 4% Other Insurance 5% Political Risk, Violence & Terror 5% Energy 4% Cyber 3% Property Reinsurance 21% 1% Over 100 products across our 10 major lines of business $993m (22%) • Actively manag
Slide 5: Underwriting Platform Facilitates Access to Attractive Risk
fidelisinsurance.com Underwriting Platform Facilitates Access to Attractive Risk Additional underwriting partnerships • Ability to source additional underwriting partners to support growth, appetite and diversification of the portfolio • Threshold for third parties is extremely high and must meet un
Slide 6: Building on a Strong Foundation for Scale and Profitable Growth
fidelisinsurance.com $0.7 $0.8 $1.6 $2.8 $3.0 $3.6 $4.4 $4.6 2018 2019 2020 2021 2022 2023 2024 TTM Q1 2025 80.7% 86.4% 80.4% 93.0% 91.9% 82.1% 99.7% 115.6% 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Building on a Strong Foundation for Scale and Profitable Growth Note: 1. Calculated as the sum of lo
Slide 7: Key Takeaways: 2025 First Quarter Highlights
fidelisinsurance.com Key Takeaways 2025 First Quarter Highlights Note: 1. See Appendix for definitions and reconciliations of non-GAAP financial measures Q1 2024 Q1 2025 Gross Premiums Written $1,514M $1,723M Net Premiums Earned $488M $603M Combined Ratio 85.8% 115.6% Annualized Operating ROAE(1) 14
Slide 8: Insurance Overview
fidelisinsurance.com 51.0% 42.8% 57.9% 26.3% 27.2% 31.8% 2022 2023 2024 $2,413 $2,960 $3,539 2022 2023 2024 8 Insurance Overview Note: 1. The Fidelis Partnership commissions are not allocated to the segment level and policy acquisition costs as presented in the underwriting ratio are third party acq
Slide 9: Reinsurance Overview
fidelisinsurance.com $605 $619 $865 2022 2023 2024 75.0% 9.3% 15.3% 22.4% 27.2% 23.6% 2022 2023 2024 9 Reinsurance Overview Note: 1. The Fidelis Partnership commissions are not allocated to the segment level and policy acquisition costs as presented in the underwriting ratio are third party acquisit
Slide 10: Diversified Investment Portfolio
fidelisinsurance.com Diversified Investment Portfolio 10 Note: 1. Includes Quasi Government and Non U.S.-Government securities. 2. Includes agency residential mortgage-backed and an immaterial amount of commercial mortgage-backed fixed maturity investments. 3. Includes cash and cash equivalents and
Slide 11: Capital and Liquidity
fidelisinsurance.com 11 Note: 1. Annual yield is the annualized Q1 2025 dividend divided by $17.02, the closing share price as of May 9, 2025. 2. As of May 9, 2025. The ratings included in this presentation are provided by third-party rating agencies and are subject to adjustment at the sole discret
Slide 12: Reserving Philosophy and Prior Period Development
fidelisinsurance.com $3 $24 $49 $10 $38 $10 $22 $63 $(125) $41 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1-25 (1) Cumulative favorable prior period development of $136 million since inception Despite market wide issues such as deterioration on natural catastrophe events and inflationary environm
Slide 13: Long-Term Shareholder Value Creation Framework
fidelisinsurance.com Long-Term Shareholder Value Creation Framework Underwriting Profitability Investment Returns Mid to High 80s% Long-Term Target Combined Ratio Embedded portfolio yield + new money rate 13-15% Long-Term Target Capital Management • Allocating capital into attractive underwriting op
Slide 14: Why Invest in Fidelis Insurance Group
fidelisinsurance.com Why Invest in Fidelis Insurance Group Note: 1. This slide contains forward looking statements. See Cautionary Note Regarding Forward-Looking Statements on Slide 2. High quality, mature, and well positioned specialty insurance and reinsurance portfolio, enhanced by strategic part
Slide 15: Appendix
fidelisinsurance.com 15 Appendix
Slide 16: Framework Agreement with The Fidelis Partnership
fidelisinsurance.com Framework Agreement with The Fidelis Partnership A long-term relationship with aligned economic and strategic interest, designed to capture the core competencies of FIHL and The Fidelis Partnership (“TFP”) How it Works Fee Structure Note: 1. Pine Walk agreements are separate fro
Slide 17: Non-GAAP Financial Measures Reconciliation
fidelisinsurance.com Non-GAAP Financial Measures Reconciliation Three months ended ($ in millions) March 31, 2025 March 31, 2024 Net income/(loss) $ (42.5) $ 81.2 Adjustment for net realized and unrealized investment (gains)/losses (5.9) 9.0 Adjustment for net foreign exchange (gains)/losses 2.5 (2.
Slide 18: Non-GAAP Financial Measures Definitions
fidelisinsurance.com This Presentation includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) including operating net income, operating EPS, operating return on average common equity, and therefore are non-GAA
Slide 19: Basis of Presentation: Business Descriptions
fidelisinsurance.com Basis of Presentation Business Descriptions Insurance Segment: The Insurance segment comprises a portfolio of specialty risks. In addition to major specialty lines of business, this segment includes highly tailored products, where the buying motivation is often driven by regulat
Slide 20: Fidelis Insurance Group
FIDELIS | INSURANCE GROUP fidelisinsurance.com +1441 279 2590 Wellesley House South 4th Floor, 90 Pitts Bay Road, Pembroke HM 08 Bermuda
Fidelis Insurance Holdings — Q1 2025 Earnings Presentation on 6ix