Pelagos Insurance Capital Ltd
pelagosinsurancecapital.comWhat Do They Do?
Provides specialty insurance covering property, marine and credit risks for businesses and financial institutions, and reinsurance for insurers.
20-F for FY2025, filed Mar 5, 2026The Insurance segment comprises a portfolio of Property, Marine, Asset Backed Finance & Portfolio Credit, Energy, Cyber, Aviation &…View ↗
Property: provides cover for all risks of direct physical loss or damage, business interruption and natural catastrophe perils. The…View ↗
Asset Backed Finance & Portfolio Credit: includes asset-backed finance/collateral protection, mortgage indemnity, structured credit, and…View ↗
Political Risk, Violence & Terror: provides insurance products for clients such as banks, commodity traders, corporations and multilateral…View ↗
Our Reinsurance segment consists of an actively managed global, property reinsurance portfolio, providing reinsurance and a limited amount…View ↗
How Do They Make Money?
-
20-F for FY2025, filed Mar 5, 2026
FY2025 revenue by reportable segment (Underwriting income) ↗
$2.5B
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20-F for FY2025, filed Mar 5, 2026
$2.5B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Insurance
|
295%
FY2022: 232%
|
Insurance, FY2025
$345.3M Sources
|
|
Reinsurance
|
168%
FY2022: 5.9%
|
Reinsurance, FY2025
$197.3M Sources
|
Who Are Their Customers?
Businesses, property owners, aircraft owners and financial institutions buy insurance; insurers and other ceding clients buy reinsurance. Sales are made principally through brokers and reinsurance intermediaries.
20-F for FY2025, filed Mar 5, 2026Property: provides cover for all risks of direct physical loss or damage, business interruption and natural catastrophe perils. The…View ↗
Aviation & Aerospace: provides a range of cover for owners and financiers of aircraft including airlines hull, liability, liability war…View ↗
Political Risk, Violence & Terror: provides insurance products for clients such as banks, commodity traders, corporations and multilateral…View ↗
Our Reinsurance segment consists of an actively managed global, property reinsurance portfolio, providing reinsurance and a limited amount…View ↗
Our business is produced principally through brokers and (re)insurance intermediaries. The brokerage distribution channel provides us with…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$409.5M.
How Are They Changing?
Growing. Revenue grew 2.1x in 4 years, from $1.2B in FY2021 to $2.5B in FY2025, about 20% a year.
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