Fidelis Insurance Holdings has formally completed its rebrand to Pelagos Insurance Capital Limited, with the legal name change for the specialty re/insurer taking effect May 11, 2026.
The shift caps a months-long transition for the Bermuda-headquartered group, which won shareholder approval at its annual general meeting on April 28. Its New York Stock Exchange ticker is set to move from "FIHL" to "PLGO" on May 12, 2026.
The Fidelis to Pelagos Insurance name change was first announced in February, when the group released its full-year 2025 results. Management said at the time that the rebrand would not affect regulatory permissions, operations or existing commercial arrangements, with subsidiaries and legal entities expected to migrate to the Pelagos Insurance Capital identity throughout 2026.
The repositioning follows a turnaround in underwriting performance that has anchored the rebrand narrative. Fidelis posted net income of US$225.5 million for 2025, more than double the US$113.3 million recorded in 2024, while the fourth-quarter loss ratio improved sharply to 52.2% from 88.4% a year earlier, aided by reductions in prior-year catastrophe reserves.
Investment results also strengthened over the period. The portfolio generated a 4.4% annualised return for 2025, up from 3.5% in 2024, contributing net investment return of US$206.8 million.
Group chief executive officer Dan Burrows framed the rebrand as a marker of the company's progress since its 2023 New York listing.
"Our new name, Pelagos Insurance Capital, marks an exciting milestone in our evolution. The name is a stronger, clearer reflection of who we are. It captures what we've built, how we create value, and where we're going," he said.
Read more: Fidelis secures NAIC listing
Burrows said the Pelagos identity is intended to convey the group's position as a connector of capital and risk, linking specialist partners to global underwriting opportunities. He likened the structure to an archipelago, describing it as a set of distinct but closely linked parts that are stronger together.
Operational continuity, the CEO emphasised, is central to the message accompanying the rebrand.
"While our name is changing, everything else is staying the same. The same team and expertise, the same capital strength and underwriting strategy, and the same commitments to our clients, brokers, and shareholders," he said.
Burrows had previously said the group enters 2026 with "a tremendous amount of confidence" in identifying profitable underwriting opportunities, pointing to disciplined capital management, a selective risk appetite and the use of outward reinsurance as supporting factors.
Pelagos Insurance Capital is scheduled to release its first-quarter 2026 financial results after market close on May 13, 2026.
