Pelagos swings to Q1 profit, but wildfire-hit rebound distorts success story

Bermuda-based specialty re/insurer Pelagos Insurance Capital, formerly Fidelis Insurance, has reported a dramatic turnaround in the first quarter for 2026 which Group CEO Dan Burrows has hailed a demonstration of the company’s “unique capital allocator model.” But results comparison is heavily skewed by 2025 catastrophe events and shifting premium dynamics.