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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Pelagos Insurance Capital
Pelagos Insurance Capital (PLGO) investor relations material
Pelagos Insurance Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3 gross premiums written rose 5.3% YoY to $839.8M; combined ratio was 91.5% and annualized Operating ROAE was 15.3%.
9M gross premiums written increased 6.4% to $3,977M; combined ratio improved to 92.4% from 99.5%, and annualized Operating ROAE rose to 11.8% from 5.2%.
Strategy emphasizes selective capital deployment through an expanding underwriting-partner network, profitable growth and shareholder returns.
Management expects Q4 to be the strongest growth quarter of 2026, with full-year premium growth at the high end of the mid-single-digit range.
Book value per diluted share was $26.60 at September 30, up 8.1% since year-end; excluding AOCI, it was $27.11, up 11.9%.
Financial highlights
Q3 operating net income was $83.3M, or $1.00 per diluted share; net income was $61.7M, or $0.74 per diluted share.
Q3 net premiums earned were $783.7M versus $599.8M; underwriting income was $67.0M versus $125.5M.
9M operating net income was $200.4M versus $95.2M; net income was $214.1M versus $107.7M.
Net investment income was $44.6M in Q3 and $132.3M for 9M; Q3 net realized and unrealized investment losses were $27.4M.
9M net premiums earned were $1,933M versus $1,741M.
Outlook and guidance
Q4 net premiums earned expected at $550M-$600M in insurance and $85M-$105M in reinsurance.
FY 2026 gross premium growth expected at the high end of the mid-single-digit range, with Q4 expected to be the strongest growth quarter.
Management expects 2027 growth to be similar to the mid-single-digit range; through-the-cycle ROAE target remains 13%-15%.
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Latest events from Pelagos Insurance Capital
- Growth through diversified partnerships, AI-driven agility, and disciplined risk management define the outlook.PLGO
KBW Insurance Conference 2026 - Premiums up 6.4% and book value per share up 23% amid strong capital returns and improved underwriting.PLGOQ2 2026
- Book value per share rose 7.2% to $26.22, with strong underwriting and $233M capital return.PLGOQ1 2026
- Q4 2025 delivered a 47-point combined ratio improvement, 7% premium growth, and record capital returns.PLGOQ4 2025
- Premium growth offset by reserve and catastrophe losses, resulting in a net loss.PLGOQ2 2025
- Premiums up 25% in Q3, combined ratio 87.4%, and $141M returned to shareholders.PLGOQ3 2024
- Premiums up 24.7% YoY; $63M net income; combined ratio 92.7%; strong capital actions.PLGOQ2 2024
- Wildfire losses drove a net loss despite 14% premium growth and active capital returns.PLGOQ1 2025
- Premiums up 23% to $4.4B; strong investment income, but aviation and cat losses weighed on results.PLGOQ4 2024
Next Pelagos Insurance Capital earnings date
Q4 202626 Feb, 2027
Pelagos Insurance Capital
Next Pelagos Insurance Capital earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
Fidelis Insurance Holdings Limited is an insurance and reinsurance provider known for its comprehensive range of products and services. The company operates through three primary segments: Specialty, Reinsurance, and Bespoke, through which it delivers customized solutions and services. The company is headquartered in Pembroke, Bermuda, and its shares are listed on the NYSE.