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 13, 2025
Slide 1: Investor Presentation June 30, 2025
Investor Presentation June 30, 2025
Slide 2: Forward-looking statements
fidelisinsurance.com 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 of the
Slide 3: Fidelis Insurance Group: At a Glance
fidelisinsurance.com Fidelis Insurance Group: At a Glance Note: 1. Results as of June 30, 2025, and gross premiums written for the trailing twelve months (“TTM”) ended June 30, 2025. 2. Book value diluted common share growth as of the Separation Transactions on January 3, 2023, and includes accumula
Slide 4: Products across our 10 major lines of business
fidelisinsurance.com 1% 20% 5% 5% 3% 5% 5% 12% 18% 26% Over 100 products across our 10 major lines of business $964m (21%) • Actively managed, property reinsurance book • We believe our strategy of pursuing closely controlled aggregates and focusing on residential portfolios in the Reinsurance segme
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 Q2 2025 80.7% 86.4% 80.4% 93.0% 91.9% 82.1% 99.7% 110.1% 2018 2019 2020 2021 2022 2023 2024 YTD Q2 2025 Building on a Strong Foundation for Scale and Profitable Growth Note: 1. Calculated as the sum o
Slide 7: Key Takeaways YTD 2025 Second Quarter Highlights
fidelisinsurance.com Key Takeaways YTD 2025 Second Quarter Highlights Note: 1. See Appendix for definitions and reconciliations of non-GAAP financial measures Q2 2025 QTD Q2 2025 YTD Gross Premiums Written $1,219M $2,942M Net Premiums Earned $538M $1,141M Combined Ratio 103.7% 110.1% Annualized Oper
Slide 8: Insurance Overview
fidelisinsurance.com 51.0% 42.8% 57.9% 47.5% 59.0% 26.3% 27.2% 31.8% 28.8% 30.6% 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD $2,413 $2,960 $3,539 $2,034 $2,169 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD 8 Insurance Overview Note: 1. The Fidelis Partnership commissions are not allocated to the segment level a
Slide 9: Reinsurance Overview
fidelisinsurance.com 75.0% 9.3% 15.3% (13.9)% 89.7% 22.4% 27.2% 23.6% 22.7% 23.4% 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD $605 $619 $865 $673 $773 2022 2023 2024 Q2 2024 YTD Q2 2025 YTD 9 Reinsurance Overview Note: 1. The Fidelis Partnership commissions are not allocated to the segment level and poli
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 Management, Capital Strength and Balance Sheet
fidelisinsurance.com 11 • Committed to proactively managing and allocating capital to maintain financial strength and drive profitable underwriting • Ample liquidity to pursue growth and return capital to shareholders • Long-term debt comprised of: ◦ $400 million 7.750% Subordinated Notes, due 2055
Slide 12: Reserving Philosophy
fidelisinsurance.com $3 $24 $49 $10 $38 $10 $22 $63 $(125) $(48) 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD Q2 2025 (1) Cumulative favorable prior period development of $47 million since inception Despite market wide issues such as deterioration on natural catastrophe events and inflationary e
Slide 13: Long-Term Shareholder Value Creation Framework
fidelisinsurance.com Long-Term Shareholder Value Creation Framework Underwriting Profitability Investment Returns Mid to High 80s% Long-Term Target Combined Ratio Embedded portfolio yield + new money rate 13-15% Long-Term Target Capital Management • Allocating capital into attractive underwriting op
Slide 14: Why Invest in Fidelis Insurance Group
fidelisinsurance.com Why Invest in Fidelis Insurance Group High quality, mature, and well positioned specialty insurance and reinsurance portfolio, enhanced by strategic partnerships with leading underwriters ensures reliable access to attractive risk Premium growth driven by differentiated lead pos
Slide 15: Appendix
fidelisinsurance.com 15 Appendix
Slide 16: Framework Agreement with The Fidelis Partnership
fidelisinsurance.com Framework Agreement with The Fidelis Partnership A long-term relationship with aligned economic and strategic interest, designed to capture the core competencies of FIHL and The Fidelis Partnership (“TFP”) How it Works Fee Structure Note: 1. Pine Walk agreements are separate fro
Slide 17: Non-GAAP Financial Measures Reconciliation
fidelisinsurance.com Non-GAAP Financial Measures Reconciliation Three months ended Six months ended ($ 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 unrealiz
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
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 — Q2 2025 Earnings Presentation on 6ix