Pelagos Insurance Capital Ltd (PLGO)
Pelagos Insurance Capital Limited (PLGO) specializes in providing insurance and reinsurance services across strategic markets including Bermuda, the Republic of Ireland, and the United Kingdom. The company's operations are distinctly segmented into two primary areas: Insurance and Reinsurance. Within its Insurance segment, Pelagos offers a comprehensive array of products covering diverse risks such as property, marine, asset-backed finance, portfolio credit, aviation and aerospace, political risk, violence and terror, energy, and cyber, among other specialized insurance coverages. The Reinsurance segment, conversely, delivers solutions focused on property reinsurance, retrocession, and broad whole account reinsurance. Established in 2014, the firm officially adopted the name Pelagos Insurance Capital Limited in May 2026, having previously operated as Fidelis Insurance Holdings Limited. Its global headquarters are located in Pembroke, Bermuda.
Sector: Fire, Marine & Casualty Insurance
Industry: Insurance - Diversified
Pelagos Insurance Capital Limit
NYSE:PLGOFinancial Services · Insurance - Diversified
-1.26%$25.88
AH Close$25.88+0.00%vs close
AH Close$25.88+0.00%vs close
Mkt Cap$2.14B
Float54.75M
O/S82.73M
Inst Own80.6%
SI6.4%
Div Yield2.32%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2.17B
Net Income$225.5M
Total Assets$12.44B
Free Cash Flow-$409.5M
Debt & Equity
Debt 26%
Equity 74%
Total Debt$843.2M
Total Equity$2.4B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in PLGO's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$12.44B
Liabilities$10.04B
Accounts Receivable$5.16B
Accounts Payable$1.66B
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$1.08B
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Revenue | $2.17B | $2.11B | $3.37B | $1.52B | $1.18B | $769.3M |
| YoY Growth | 2.9% | -37.3% | 122.1% | 28.8% | 53.0% | - |
| Cost of Revenue | $1.75B | $1.84B | $1.2B | $1.21B | $696.8M | $324.5M |
| Gross Profit | $421.1M | $266.1M | $2.17B | $301.6M | $480.6M | $444.8M |
| Gross Margin | 19.4% | 12.6% | 64.4% | 19.9% | 40.8% | 57.8% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $96.6M | $94.3M | $82.7M | $165.5M | $0 | $0 |
| Other | $48.9M | $35.4M | $39.6M | $56M | $401.9M | $321.3M |
| Total Operating Expenses | $145.5M | $129.7M | $122.3M | $221.5M | $401.9M | $321.3M |
| Operating Income (EBIT) | $275.6M | $136.4M | $2.05B | $80.1M | $78.7M | $123.5M |
| Operating Margin | 12.7% | 6.5% | 60.8% | 5.3% | 6.7% | 16.1% |
| Interest Expense | $47.7M | $33.8M | $35.5M | $35.5M | $35.4M | $27.9M |
| Interest Income | $192.6M | $195.8M | $123.5M | $44M | $0 | $0 |
| Other Income (Expense) | $0 | $0 | $0 | $0 | $0 | $0 |
| Income Before Tax (EBT) | $275.6M | $136.4M | $2.05B | $80.1M | $78.7M | $123.5M |
| Income Tax Expense | $50.1M | $23.1M | -$85.3M | $17.8M | $400K | -$3.1M |
| Net Income | $225.5M | $113.3M | $2.13B | $52.6M | $68.3M | $126.5M |
| Net Income Margin | 10.4% | 5.4% | 63.3% | 3.5% | 5.8% | 16.4% |
| Supplementary Data | ||||||
| EPS | 2.12 | 0.98 | 18.65 | 0.45 | 0.59 | 1.09 |
| Diluted EPS | 2.11 | 0.98 | 18.65 | 0.45 | 0.59 | 1.09 |
| Weighted Average OS | 106.16M | 115.22M | 114.31M | 116.49M | 116.49M | 116.49M |
| EBITDA | $304.1M | $156.2M | $2.08B | $119.5M | $118.6M | $154M |
| EBITDA Margin | 14.0% | 7.4% | 61.9% | 7.9% | 10.1% | 20.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Assets | |||||
| Current Assets | |||||
| Cash and Cash Equivalents | $873M | $743M | $712.4M | $1.22B | $476M |
| Short-Term Investments | $576.3M | $570.7M | $605.5M | $2.31B | $0 |
| Cash and Short-Term Investments | $1.45B | $1.31B | $1.32B | $3.54B | $476M |
| Accounts Receivable | $5.16B | $4.51B | $3.7B | $3.01B | $1.56B |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $374.6M | $203.6M | $251.7M | $185.9M | $0 |
| Total Current Assets | $8.43B | $7.45B | $6.33B | $7.55B | $2.03B |
| Long-Term Assets | |||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $26.8M | $29.9M |
| Goodwill | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $1.08B | $877.9M | $786.6M | $515.8M | $0 |
| Long-Term Investments | $2.66B | $3.26B | $2.74B | $110.8M | $2.78B |
| Deferred Tax Assets | $0 | $0 | $0 | $51.2M | $40.3M |
| Other Long-Term Assets | $272.7M | $176.9M | $173.5M | $53M | $439M |
| Total Long-Term Assets | $4.02B | $4.32B | $3.7B | $757.6M | $3.29B |
| Other Assets | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $12.44B | $11.77B | $10.03B | $8.31B | $5.32B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | $1.66B | $1.54B | $1.07B | $1.06B | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $4.38B | $3.65B | $3.15B | $2.62B | $1.44B |
| Other Current Liabilities | $2.61B | $3.13B | $2.45B | $2.05B | -$1.44B |
| Total Current Liabilities | $9.11B | $8.71B | $7B | $5.72B | $0 |
| Long-Term Liabilities | |||||
| Long-Term Debt | $843.2M | $507.3M | $506.6M | $505.9M | $505.3M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $91.8M | $98M | $67.3M | $70.2M | $2.77B |
| Total Long-Term Liabilities | $935M | $605.3M | $573.9M | $604.6M | $3.31B |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $10.04B | $9.32B | $7.58B | $6.33B | $3.31B |
| Stockholders' Equity | |||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $1M | $1.2M | $1.2M | $1.9M | $2.1M |
| Retained Earnings | $675.9M | $503.6M | $436.6M | $500K | -$52.1M |
| Comprehensive Income & Other | $37.1M | $4.5M | -$27M | -$100.8M | -$11.3M |
| Other Stockholders' Equity | $1.72B | $1.94B | $2.01B | $1.97B | $2.06B |
| Total Equity | $2.4B | $2.45B | $2.45B | $1.98B | $2.01B |
| Minority Interest | $0 | $0 | $0 | $10.3M | $5.2M |
| Total Liabilities and Equity | $12.44B | $11.77B | $10.03B | $8.3B | $5.32B |
| Supplementary Data | |||||
| Total Debt | $843.2M | $507.3M | $506.6M | $534.4M | $536.7M |
| Net Debt | -$29.8M | -$235.7M | -$205.8M | -$687.6M | $60.7M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Operating Activities | ||||||
| Net Income | $225.5M | $113.3M | $2.13B | $62.3M | $68.3M | $126.5M |
| Depreciation & Amortization | -$19.2M | -$14M | $300K | $3.9M | $4.5M | $2.6M |
| Deferred Income Tax | $0 | $9.8M | -$86.5M | -$10.4M | $0 | $0 |
| Stock-Based Compensation | $0 | $7.8M | $27.6M | $10.8M | $0 | $0 |
| Changes in Working Capital: | ||||||
| Accounts Receivable | $0 | -$881.9M | -$645.5M | -$448M | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $507.8M | $7.1M | $134.3M | $0 | $0 |
| Other Working Capital | -$589.3M | $846.8M | $775.4M | $962.2M | $294.9M | $171.1M |
| Total Working Capital Change | -$589.3M | $472.7M | $137M | $648.5M | $294.9M | $171.1M |
| Other Non-Cash Items | -$25.3M | $28.6M | -$1.72B | $26.3M | $0 | $15.9M |
| Net Cash from Operating | -$408.3M | $618.2M | $495.2M | $741.4M | $367.7M | $316.1M |
| Investing Activities | ||||||
| Capital Expenditures | -$1.2M | -$4.6M | -$6.4M | -$18.8M | -$7.1M | -$2M |
| Acquisitions | $0 | $0 | $0 | $0 | -$7.1M | $0 |
| Purchases of Investments | -$2.03B | -$2.52B | -$2.24B | -$1.7B | -$2.28B | -$1.27B |
| Sales of Investments | $2.71B | $2.05B | $1.41B | $1.93B | $1.17B | $786.4M |
| Other Investing Activities | -$1.2M | $0 | $0 | $0 | $0 | -$2M |
| Net Cash from Investing | $682.7M | -$475.8M | -$834.9M | $215.9M | -$1.12B | -$481.9M |
| Financing Activities | ||||||
| Debt Repaid | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $89.4M | $0 | $318.2M | $691.8M |
| Common Stock Repurchases | -$321M | -$105.5M | $0 | $0 | -$320.9M | -$183.8M |
| Dividends Paid | -$52.3M | -$46.2M | $0 | -$500K | -$2.1M | -$5.1M |
| Other Financing Activities | -$200K | -$2.2M | -$196.3M | -$15.7M | $0 | $445.7M |
| Net Cash from Financing | $19.8M | -$153.9M | -$106.9M | -$16.2M | -$4.8M | $948.6M |
| Forex Effect | $6.8M | -$6M | $2.8M | -$9.2M | $1.23B | -$782.8M |
| Net Change in Cash | $301M | -$17.5M | -$443.8M | $931.9M | $476M | $0 |
| Supplementary Data | ||||||
| Operating Cash Flow | -$408.3M | $618.2M | $495.2M | $741.4M | $367.7M | $316.1M |
| Capital Expenditure | -$1.2M | -$4.6M | -$6.4M | -$18.8M | -$7.1M | -$2M |
| Free Cash Flow | -$409.5M | $613.6M | $488.8M | $722.6M | $360.6M | $314.1M |
| Cash at Beginning | $946.6M | $964.1M | $1.41B | $476M | $0 | $0 |
| Cash at End | $1.25B | $946.6M | $964.1M | $1.41B | $476M | $0 |