Pelagos Insurance Capital Limited · NYSE:PLGO
Pelagos Insurance Capital — Fidelis Insurance Holdings — Investor Presentation (October 2025)
47 slides from Pelagos Insurance Capital's investor presentation, Oct 28, 2025
Slide 1: Fidelis Insurance Group: An Introduction and Overview
Fidelis Insurance Group: An Introduction and Overview October 28, 2025
Slide 2: Forward-looking statements
fidelisinsurance.com PG. 2 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 are made pursuant to the safe harbor provisions o
Slide 3: Driving Objective
fidelisinsurance.com PG. 3 Driving Objective Set the standard in specialty insurance and reinsurance through strategic capital allocation, expert risk selection, and a network of underwriting partnerships, driving consistent growth in diluted book value per share
Slide 4: Fidelis Insurance Group: At a Glance
fidelisinsurance.com PG. 4 Fidelis Insurance Group: At a Glance Highlights $13.0bn Total Assets(1) $2.3bn Shareholders’ Equity(1) $4.3bn Cash & Invested Assets(1) $4.6bn Gross Premiums Written(1) 39% Book Value Growth(2) 87.7% Avg Combined Ratio(3) A- S&P(4) Stable Outlook A3 Moody’s(4) Stable Outlo
Slide 5: Our Value Creation Strategy
fidelisinsurance.com PG. 5 Our Value Creation Strategy Long-Term Goal: Maximizing Shareholder Value GROWING diluted book value per share GENERATING consistent returns OPTIMIZING capital management High quality, mature and well- positioned specialty insurance and reinsurance portfolio Underwriting ex
Slide 6: Why Invest in Fidelis Insurance Group
fidelisinsurance.com PG. 6 Why Invest in Fidelis Insurance Group Leader in verticalized specialty insurance and reinsurance market, driving differentiated positioning and preferential rates, terms and conditions Strategic partnerships with experienced underwriters provide reliable access to attracti
Slide 7: Underwriting partnership model provides access to differentiated risks
fidelisinsurance.com PG. 7 Fidelis’ underwriting partnership model provides access to high-quality, differentiated risks with Fidelis Insurance Group overseeing the underwriting strategy Applying Fidelis Insurance Group’s market knowledge, relationships, and underwriting expertise, we seek to enter
Slide 8: Building on a Strong Foundation to Support Scale and Profitable Growth
fidelisinsurance.com PG. 8 $16.24 $20.69 $21.79 $22.04 YE 2022 YE 2023 YE 2024 YTD Q2 2025 Book Value Cumulative Common Dividends 202 2024 2023 Jun-30- (1) GPW Growth $0.7 $0.8 $1.6 $2.8 $3.0 $3.6 $4.4 $4.6 2018 2019 2020 2021 2022 2023 2024 TTM Q2 2025 Diluted Book Value Per Common Share Growth $0.
Slide 9: Proven Track Record of Capital Returns
fidelisinsurance.com PG. 9 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10 $0.15 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $5.0 $37.5 $49.9 $49.9 $72.0 $105.2 $55.5 $55.5 $55.5 $111.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Privately Negotiated Share Repurchases Open Market Share Repurchas
Slide 10: Globally Connected Team Of Insurance Specialists
fidelisinsurance.com PG. 10 Globally Connected Team Of Insurance Specialists Experienced leadership team Dedicated underwriting talent Dan Burrows Group CEO 35+ Years Experience Bermuda Allan Decleir Group CFO 35+ Years Experience Bermuda Hannah Greenwood Bermuda CUO & Group Chief of Staff 15+ Years
Slide 11: Capital Management and Long-Term Shareholder Value Creation Framework
fidelisinsurance.com PG. 11 Capital Management • Allocating capital into attractive underwriting opportunities • Constantly reassessing our outwards reinsurance purchasing • Returning excess capital to common shareholders through a combination of dividends and opportunistic share buybacks Long-Term
Slide 12: We Are Well-Positioned To Deliver Long-Term Value
fidelisinsurance.com PG. 12 We Are Well-Positioned To Deliver Long-Term Value Building on our track record of strong growth by leveraging expert underwriting partnerships to expand and diversify our portfolio and continue to access the most attractive risks Our globally connected team of highly expe
Slide 13: Delivering Long-Term Profitable Underwriting
fidelisinsurance.com PG. 13 Delivering Long-Term Profitable Underwriting
Slide 14: Insurance and Reinsurance segments
fidelisinsurance.com PG. 14 • Actively managed, property reinsurance book • Strategy of pursuing closely controlled aggregates and focusing on residential portfolios • Benefits from quota share, excess of loss retrocessional cover, catastrophe bond cover and industry loss warranties, which helps to
Slide 15: Products Across Our Major Lines Of Business
fidelisinsurance.com PG. 15 Over 100 Products Across Our 10 Major Lines Of Business INSURANCE REINSURANCE $3,674m GPW (TTM June 30, 2025) $964m GPW (TTM June 30, 2025) Property 26% 12% 5% 5% 20% 3% Asset-Backed Finance & Portfolio Credit Political Risk, Violence & Terror Energy Cyber Property Reinsu
Slide 16: Strategic Underwriting Partnerships
fidelisinsurance.com PG. 16 Strategic Underwriting Partnerships Enable Flexibility to Capitalize on Favorable Risk-Reward Opportunities New Underwriting Partners Underwriting partners to support growth and diversification Accessing accretive, specialist risks from leading underwriters Highly com
Slide 17: Our Specialist Underwriting Expertise
fidelisinsurance.com PG. 17 Our Specialist Underwriting Expertise We are a team of insurance and reinsurance specialists with significant underwriting experience across multiple classes and disciplines Hands-on Leadership Our Business Executive Leadership Team sets the underwriting and outwards rein
Slide 18: Loss Ratio Building Blocks
fidelisinsurance.com PG. 18 Loss Ratio Building Blocks Loss Ratio Components Reflect Underlying Portfolio Strength 1 Stable to improving attritional loss ratio reflects strength of the underlying portfolio 2 Catastrophe and large loss ratio reflects impact from the California Wildfires in Q1 2025 3
Slide 19: Key Natural Peril Exposures and Probable Maximum Losses
fidelisinsurance.com PG. 19 Key Natural Peril Exposures: Probable Maximum Losses: • 1-in-100 is windstorm clash for Southeast, Gulf, and Caribbean • 1-in-250 is California Earthquake • Both are less than 10% of shareholders’ equity, excluding AOCI Performance during recent hurricane and wildfire eve
Slide 20: Key Takeaways
fidelisinsurance.com PG. 20 Key Takeaways High-quality, scaled and diversified portfolio focused on short-tail specialty insurance and reinsurance risks Ability to selectively adjust exposure in response to market dislocation and capitalize on favourable risk-reward opportunities by leveraging strat
Slide 21: Strong Capital Position with a Strategic & Disciplined Approach to Capital Allocation
fidelisinsurance.com PG. 21 Strong Capital Position with a Strategic & Disciplined Approach to Capital Allocation fi li i r .
Slide 22: Strong Capital Position
fidelisinsurance.com PG. 22 A AM Best Stable Outlook(3) A- S&P Stable Outlook (3) A3 Moody’s Stable Outlook (3) 26.6% Debt-to- Capital Ratio(1) 269% BSCR Ratio (2) Strong Capital Position Notes: 1. As of June 30, 2025 2. See 2024 Financial Conditions Report as filed with the Bermuda Monetary Authori
Slide 23: Cumulative Capital Returned to Shareholders
fidelisinsurance.com PG. 23 Cumulative Capital Returned to Shareholders As of June 30, 2025 ($ in millions) Successful Capital Management Strategy Capital Management Priorities Reinvest in the business and deploy capital into accretive growth opportunities across our portfolio Utilize outward re
Slide 24: Capital Management Initiatives
fidelisinsurance.com PG. 24 Capital Management Initiatives Quarterly dividend of $0.15 per Common Share, equating to a dividend yield of 3.4%(1) In August 2025, announced the renewal of $200 million common share repurchase authorization Track Record of Returning Capital to Shareholders $11.8 $11.7 $
Slide 25: Outwards Reinsurance Strategy
fidelisinsurance.com PG. 25 OUTWARDS REINSURANCE STRATEGY LEVERAGE LONG-TERM RELATIONSHIPS ANNUAL PURCHASING WITH KEY PARTNERS OPPORTUNISTIC PURCHASING TO OPTIMIZE COVERAGE MINIMIZE POTENTIAL NET LOSSES SECURE PREFERRED POSITIONS ACROSS LINES OWN COUNTERPARTY EXPOSURES Continuous Optimization of Out
Slide 26: Disciplined and Consistent Reserving Philosophy
fidelisinsurance.com PG. 26 Disciplined and Consistent Reserving Philosophy REVIEW RISK TOLERANCEPHILOSOPHY RESERVING APPROACH Reserving Framework • Employ a robust reserve methodology and take a consistent approach to reserving over time • Avoid systematic and excessive over or under reserving • Re
Slide 27: Key Takeaways
fidelisinsurance.com PG. 27 Key Takeaways Committed to proactively managing and allocating capital to maintain financial strength Ample liquidity to pursue growth and return capital to shareholders Continuous optimization of outwards reinsurance purchasing Disciplined and consistent reserving philos
Slide 28: Well Positioned to Deliver Long-Term Shareholder Value
fidelisinsurance.com PG. 28 Well Positioned to Deliver Long-Term Shareholder Value fi li i r .
Slide 29: Long-Term Shareholder Value Creation Framework
fidelisinsurance.com PG. 29 Capital Management • Allocating capital into attractive underwriting opportunities • Constantly reassessing our outwards reinsurance purchasing • Returning excess capital to common shareholders through a combination of dividends and opportunistic share buybacks Long-Term
Slide 30: Underwriting Profitability: Returning to Long-Term Target
fidelisinsurance.com PG. 30 • 2024 and YTD 2025 combined ratios were impacted by adverse prior year development in our Aviation and Aerospace line of business from the Russia-Ukraine lessor policy litigation, which reflects the judicious settlement of certain claims and the June 2025 English High Co
Slide 31: Pathway to Long-Term Targets
fidelisinsurance.com PG. 31 Pathway to Long-Term Targets • Loss ratio improvement as we move past the Russia-Ukraine lessor policy litigation • Actively managing portfolio to capture profitable underwriting opportunities • Cultivating pipeline of new underwriting partners to support overall underwri
Slide 32: Investment Returns: Diversified Portfolio Earning Attractive Yields
fidelisinsurance.com PG. 32 Fixed Income Portfolio Credit QualityNet Investment Income & Unrealized Gains on Other Investments $4.3bn Total Cash and Investments Strategy focused on delivering attractive investment income while targeting an above-average risk-adjusted total return through all market
Slide 33: Appendix A: Our Products
fidelisinsurance.com PG. 33 Appendix A fi li i r . Our Products
Slide 34: Property
fidelisinsurance.com PG. 34 Property Our Property portfolio comprises three classes: Property D&F, Construction, and Specialty Property We provide cover for risks of direct physical loss or damage, business interruption and natural catastrophe perils, across a wide range of occupancies including mun
Slide 35: Marine
fidelisinsurance.com PG. 35 Marine Our Marine portfolio comprises five sub- classes: Hull and Liability; Marine War; Marine Cargo; Marine Construction; and Marine Treaty Reinsurance We provide cover on a global basis for a range of exposures and leverage a cross-sell strategy, deploying capacity acr
Slide 36: Asset-Backed Finance & Portfolio Credit
fidelisinsurance.com PG. 36 Our Asset-Backed Finance & Portfolio Credit portfolio includes products such as structured credit, asset-backed nonpayment, economically linked risk (e-cat), surety, and mortgage indemnity The underlying buying motivation for these products is often regulatory capital rel
Slide 37: Aviation & Aerospace
fidelisinsurance.com PG. 37 Our Aviation & Aerospace portfolio provides a range of cover for aircraft owners and financiers including airline hull and liability ‘all-risks’, contingent aviation, war liability and hull war, as well as product liability for the world’s leading manufacturers We also co
Slide 38: Political Risk, Violence & Terror
fidelisinsurance.com PG. 38 Our Political Risk, Violence & Terror portfolio offers cover for political risk and contract frustration/non-payment coverages, as well as both damage and non-damage cover from perils including terrorism, civil unrest, strikes, riots, civil commotion and sabotage through
Slide 39: Energy
fidelisinsurance.com PG. 39 Our Energy portfolio offers coverage for both traditional and renewable (including wind, solar, and hydro) risks This includes construction and operational renewable energy projects globally, operational downstream energy/power & utilities, and construction and operationa
Slide 40: Cyber
fidelisinsurance.com PG. 40 Our Cyber portfolio provides products to reimburse damages and financial losses arising from accidental or malicious incidents affecting computer networks, software and data, both on a first and third party basis Our clients for these products are a diverse mix of busines
Slide 41: Other Insurance
fidelisinsurance.com PG. 41 Our Other Insurance portfolio includes contingency providing coverage for event cancellation, non-appearance and other contingencies, title insurance, warranty insurance and other specialty risks $0.2bn TTM GPW 5% of total TTM GPW Other Insurance (16)% 2022-2024 CAGR(1) N
Slide 42: Property Reinsurance and Retro & Whole Account
fidelisinsurance.com PG. 42 Our Reinsurance and Retro portfolio comprises North American and International Property reinsurance, Retrocession, as well as a small book of select Insurance-Linked Warranties and Whole Account XOL covers The portfolio is global, with a significant concentration in North
Slide 43: Appendix B: Framework Agreement with TFP
fidelisinsurance.com PG. 43 Appendix B fi li i r . Framework Agreement with TFP
Slide 44: Framework Agreement fee structure and terms
fidelisinsurance.com PG. 44 Strongly incentivized to provide sophisticated underwriting with a fee structure that rewards both profitability and strong growth, all consistent with arm’s length market pricing Fee Structure Exclusive relationship governed by a long-term Framework Agreement providing s
Slide 45: Appendix C: Non-GAAP Financial Measures Reconciliation
fidelisinsurance.com PG. 45 Appendix C fi li i r . Non-GAAP Financial Measures Reconciliation
Slide 46: Non-GAAP Financial Measures Reconciliation
fidelisinsurance.com PG. 46 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 o
Slide 47: +1 2590 Wellesley House South 4th Floor, Pitts Bay Road, Pembroke HM 08 Bermuda
fidelisinsurance.com +1 441 279 2590 Wellesley House South 4th Floor, 90 Pitts Bay Road, Pembroke HM 08 Bermuda
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