Fidelis Q4 results soar, CoR down 47 points ahead of rebrand

Bermuda-based Fidelis Insurance Group reported a 47-point quarter-on-quarter improvement in its combined ratio, doubling year-on-year net income and setting a strong stage for an upcoming strategic rebrand.

The consolidated combined ratio for the fourth quarter of 2025 ended on 80.6%, down from 128.0% in the fourth quarter 2024. This brought the finishing combined ratio for the year down to 94.8% compared to the same period year prior. 

Quarter on quarter 2024 to 2025 net income rose from a loss of $122 million to a positive $118 million, landing year 2025 on $226 million up from $113 million in 2024.

Gross premiums written saw a steady increase, with the fourth quarter 2025 ending on $978 million compared to $954 million in the same period the previous year. Full year ended on $4.7 billion, up from $4.4 billion in 2024. This was driven by new business opportunities, including onboarded partnerships, in several lines of business in the insurance segment, accounting for a $218 million increase year-on-year.

Dan Burrows (pictured), group CEO, said: “Our excellent fourth quarter performance, highlighted by an 80.6% combined ratio and an annualised operating ROAE of 18.3%, once again demonstrates the strength of our platform and our ability to deliver on our targets as we execute our capital allocation strategy.

“In 2025, we further expanded our network of underwriting partners and continued to capitalise on attractive growth opportunities, achieving record gross premiums written of $4.7 billion, up 7.1% over the prior year.

“We are entering 2026 with a tremendous amount of confidence in our ability to identify and execute on profitable underwriting opportunities. Combined with our strategic use of outwards reinsurance and disciplined capital management, we are well positioned to deliver sustained value to our shareholders, clients, and partners.”

Alongside releasing full-year results, Fidelis announced its plans to rebrand as Pelagos Insurance Capital in 2026. Regulatory permissions, operations and business conduct will remain unchanged. 

Burrows said: “Our new name, Pelagos Insurance Capital, expected to launch in May 2026, captures our brand identity and future direction. It reflects our role as strategic capital allocators, highlights our unique market position, and reinforces our commitment to building lasting partnerships and meaningful connections with an expanded network of underwriting partners.”

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