📰 Curated Industry Article
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Pelagos Insurance Capital Limited has reported gross premiums written (GPW) of $839.8 million for the third quarter of 2026, up 5.3% from $797.5 million in the same period a year earlier.
During the quarter, net premiums earned (NPE) increased 30.6% to $783.7 million from $599.8 million in Q3 2025.
Underwriting income totalled $67.0 million, down 46.6% from $125.5 million, while the combined ratio increased to 91.5% from 79.0%.
Net adverse prior-year loss reserve development was $4.7 million, compared with net favourable development of $16.0 million.
Catastrophe and large losses totalled $115.9 million, compared with $57.4 million in the prior-year period.
Net income decreased 52.7% to $61.7 million from $130.5 million, while operating net income declined 34.3% to $83.3 million from $126.8 million.
Net realised and unrealised investment losses were $27.4 million, including $9.0 million of net realised and unrealised losses on other investments.
Net investment income amounted to $44.6 million, a 2.8% decline from $45.9 million in the prior-year period.
In the firm’s reinsurance segment, GPW amounted to $153.7 million, down from $191.7 million in Q3 2025. Net premiums written (NPW) declined to $71.8 million from $115.7 million, while NPE increased to $149.7 million from $143.3 million.
The reinsurance segment recorded underwriting income of $94.7 million, down from $97.5 million a year earlier.
In Pelagos’ insurance segment, GPW stood at $686.1 million, up from $605.8 million. NPW increased to $520.5 million from $388.5 million, while NPE rose to $634 million from $456.5 million.
The segment recorded underwriting income of $98.6 million, down from $142.3 million.
Dan Burrows, Group Chief Executive Officer of Pelagos Insurance Capital, commented, “We delivered a strong quarter with 15.3% annualized operating ROAE. These results demonstrate the strength of our capital allocator strategy and our ability to respond to changing market conditions, access a broader range of opportunities, and deploy capital to the most attractive areas of the market. Our advantage is simple: no single underwriting team sees every opportunity. By partnering with multiple leading teams, we expand our opportunity set and create a stronger, more diversified portfolio.
“Looking ahead, we see significant opportunity to build on the momentum across our expanding underwriting partner network. Combined with our strong balance sheet and the ability to pursue both profitable growth and accretive capital management, we are well positioned to accelerate top-line growth, generate attractive risk-adjusted returns, and create long-term value for our shareholders.”
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💡 What This Means For You
[post_title_image]📰 Curated Industry Article This is a summary of a full article from a trusted insurance publication. Click "Read Full Article" below to read the complete story.Pelagos Insurance Capital Limited has…
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