Pelagos Insurance Capital Limited · NYSE:PLGO
Pelagos Insurance Capital — Fidelis Insurance Holdings — Q2 2025 Earnings Presentation
20 slides from Pelagos Insurance Capital's earnings presentation, Aug 14, 2025
Slide 1: Investor Presentation
Investor Presentation June 30, 2025
Slide 2: Basis of Presentation
Basis of Presentation Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” which include all statements that do not relate solely to historical or current facts and which may concern our strategy, plans, targets, projections or intentions and a
Slide 3: Fidelis Insurance Group: At a Glance
Fidelis Insurance Group: At a Glance A leading global specialty insurer, leveraging strategic partnerships to offer innovative and tailored insurance solutions Highlights • Headquartered in Bermuda, with offices in Ireland and the United Kingdom • Founded in 2014 and began underwriting in 2015 $2.3
Slide 4: Product Mix
Product Mix Mature and well positioned portfolio with over 100 products across our 10 major lines of business Gross Premiums Written (for the trailing twelve months (“TTM”) ended June 30, 2025) INSURANCE Retro & Whole Account REINSURANCE 1% 1% $3,674m (79%) Property Reinsurance $964m (21%) • Activel
Slide 5: Underwriting Platform Facilitates Access to Attractive Risk
Underwriting Platform Facilitates Access to Attractive Risk 1 2 Underwriting Cornerstone partnership with The Fidelis Partnership creates Additional through strategic underwriting significant benefits partnerships partnerships Rolling 10-year agreement ensures long-term continuity and access to unde
Slide 6: Building on a Strong Foundation for Scale and Profitable Growth
Building on a Strong Foundation for Scale and Profitable Growth Q2 2025 YTD YoY Growth of 9% CAGR: 36% $4.6 2018 – 2024 $4.4 $3.6 $2.8 $3.0 GPW Growth $bn $1.6 $0.7 $0.8 2018 2019 2020 2021 2022 2023 2024 TTM Q2 2025 2018 – 2024 Fidelis Avg: 87.7% 110.1% 99.7% 93.0% 91.9% 86.4% 82.1% 80.7% 80.4% Com
Slide 7: 2025 Second Quarter Highlights
2025 Second Quarter Highlights Q2 2025 QTD Q2 2025 YTD Key Takeaways YTD Gross Premiums Written $1,219M $2,942M • Gross premiums written growth of $234 million or 9% from the first half of 2024 driven by strong retention levels and new business opportunities across the Net Premiums Earned $538M $1,1
Slide 8: Insurance Overview
Insurance Overview Gross Premiums Written Underwriting Ratio(2) $ in millions $3,539 89.6% 89.7% $2,960 77.3% 76.3% 70.0% $2,413 31.8% 30.6% $2,034 $2,169 26.3% 28.8% 27.2% 51.0% 57.9% 59.0% 42.8% 47.5% 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD Segment Highlights
Slide 9: Reinsurance Overview
Reinsurance Overview Gross Premiums Written Underwriting Ratio(2) $ in millions 113.1% $865 $773 97.4% $673 23.4% $605 $619 22.4% 36.5% 38.9% 89.7% 75.0% 8.8% 27.2% 23.6% 15.3% 22.7% 9.3% (13.9)% (3) (4) 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD Segment Highlights
Slide 10: Diversified Investment Portfolio
Diversified Investment Portfolio Asset Allocation Fixed Income Portfolio Credit Quality As of June 30, 2025 6% 6% As of June 30, 2025 1% Agency MBS (2) Other Below BBB 8% 6% (5) Investments(4) 15% AAA Other ABS BBB 14% 41% U.S. Treasuries Corporates(1) 36% AA 40% 27% A Cash(3) $4.3 bn 41% $2.9 bn 2.
Slide 11: Robust Capital Position and Disciplined Approach to Capital Allocation
Robust Capital Position and Disciplined Approach to Capital Allocation Capital Strength and Balance Sheet Scale Capital Management Inception to Date Capital Management As of December 31, 2024 and June 30, 2025 As of June 30, 2025 ($ in millions) • Committed to proactively managing and allocating cap
Slide 12: Reserving Philosophy
Reserving Philosophy We employ a robust reserving methodology with a consistent approach to reserving over time Reserving Framework Philosophy Reserving Approach Review Risk Tolerance • Employ a robust reserve methodology and • Reserves are booked promptly with a short • Quarterly actuarial review •
Slide 13: Long-Term Shareholder Value Creation Framework
Long-Term Shareholder Value Creation Framework Underwriting Profitability Investment Returns Capital Management • Allocating capital into attractive Mid to High 80s% Embedded portfolio underwriting opportunities Long-Term Target yield + new money rate • Constantly reassessing our Combined Ratio outw
Slide 14: Why Invest in Fidelis Insurance Group
Why Invest in Fidelis Insurance Group High quality, mature, and well positioned specialty insurance and reinsurance portfolio, enhanced by strategic partnerships with leading underwriters ensures reliable access to attractive risk Premium growth driven by differentiated lead positions and attractive
Slide 15: Appendix
Appendix fidelisinsurance.com 15
Slide 16: Framework Agreement with The Fidelis Partnership
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 Exclusive relationship governed by a long-term Framework Agreement
Slide 17: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Three months ended Six months ended ($ in millions except for share and per share amounts) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income/(loss) $ 19.7 $ 53.7 $ (22.8) $ 134.9 Adjustment for net realized and unrealized investment (gains)
Slide 18: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation 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
Slide 19: Basis of Presentation
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 regulatory capital relief, c
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 — Q2 2025 Earnings Presentation on 6ix