Fidelis Insurance Holdings Ltd. is a Bermuda-based holding company that provides specialty insurance and property reinsurance on a global scale. In early 2023, the company executed a first-of-its-kind separation transaction, splitting its operations into two distinct entities: Fidelis Insurance Group (the balance sheet and capital provider) and The Fidelis Partnership (a separate managing general underwriter, or MGU). Under this bifurcated structure, Fidelis Insurance Holdings retains the capital and assumes the risk, while paying commissions and management fees to the MGU for sourcing, pricing, and underwriting the business.
The company classifies its operations into two primary segments: Insurance and Reinsurance. The Insurance segment accounts for approximately 80% of the company's gross premiums written and covers a highly specialized portfolio of risks. These include property, marine, aviation and aerospace, asset-backed finance and portfolio credit, political risk, violence and terror, energy, and cyber insurance. The Reinsurance segment, which makes up the remaining 20% of the portfolio, is primarily focused on an actively managed residential property catastrophe book, alongside retrocession and whole account reinsurance.
Fidelis leverages strategic outwards reinsurance to mitigate volatility, manage peak exposures, and optimize its capital efficiency. The company serves a global client base through its principal operating subsidiaries located in Bermuda, the United Kingdom, and Ireland. In May 2026, the company announced a corporate rebranding to Pelagos Insurance Capital, reflecting its evolution as a publicly traded, institutionally backed specialty insurer.
