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1.          Nature of Operations

Pelagos Insurance Capital Limited, formerly known as Fidelis Insurance Holdings Limited (“Pelagos” or “PLGO,” and together with its subsidiaries, the “Company”) is a holding company which was incorporated under the laws of Bermuda on August 22, 2014. The Company is a global specialty underwriter of insurance and reinsurance. Pelagos’ principal operating subsidiaries are:

•Pelagos Insurance Capital Bermuda Limited (formerly known as Fidelis Insurance Bermuda Limited or “FIBL”) (“PICB”) is a Class 4 Bermuda domiciled company which writes most of the Company’s reinsurance business, as well as writing insurance lines. PICB is regulated by the Bermuda Monetary Authority.

•Pelagos Insurance Capital Underwriting Limited (formerly known as Fidelis Underwriting Limited or “FUL”) (“PICUK”) is a company incorporated in England and Wales which principally writes insurance, as well as reinsurance. PICUK is regulated by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”).

•Pelagos Insurance Capital Ireland DAC (formerly known as Fidelis Insurance Ireland DAC or “FIID”) (“PICI”) is a Republic of Ireland domiciled company that writes insurance and reinsurance within the European Economic Area. PICI is regulated by the Central Bank of Ireland (“CBI”).

•Pelagos (UK) Services Limited (formerly known as FIHL (UK) Services Limited or “FSL”) (“PSL”) is a service company incorporated in England and Wales, that also has a branch in Ireland.

•Nameco (No 1404) Limited (the “Pelagos Corporate Member”), a wholly owned subsidiary of PICB, is a Lloyd’s corporate member that facilitates the Company’s participation in underwriting activities for Lloyd’s of London Syndicates. The Company currently participates in the underwriting activity of Syndicate 3123, with a participation rate of 7.4% for the 2026 and 2025 years of account. Effective January 1, 2026, the Company also began participating in the underwriting activity of other Lloyd’s Syndicates.

On January 3, 2023, the Company distributed its investment in Fidelis Marketing Limited (“FML”) and Pine Walk Capital Limited (“Pine Walk”) to shareholders to form a new managing general underwriter business (“The Fidelis Partnership” or “TFP”) and The Fidelis Partnership was acquired by a consortium of investors.

Through various long-term contractual agreements, effective from January 1, 2023 TFP manages origination, underwriting, underwriting administration and claims handling for business sourced through TFP under delegated authority agreements with the Company. Other services provided by TFP to the Company include sourcing and administering outwards reinsurance, support with business planning, capital management, insurance contract accounting and information technology.

On July 3, 2023, the Company completed an initial public offering of common shares on the New York Stock Exchange.

Basis of presentation

The unaudited consolidated financial statements include the results of Pelagos and its subsidiaries and have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025, in Pelagos’ Form 20-F filed with the Securities and Exchange Commission on March 5, 2026.

All intercompany balances and transactions have been eliminated on consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments (consisting of normally recurring accruals) necessary for a fair statement of results on an interim basis. The results of any interim period are not necessarily indicative of the results for a full year or any future periods. The consolidated financial statements have been prepared on a going concern basis.

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Reporting currency

The financial information is reported in United States dollars (“U.S. dollars” or “$”), expressed in millions, except for share and per share amounts.

Significant Accounting Policies

There were no notable changes to the Company’s significant accounting policies subsequent to December 31, 2025.

3.           Segments

The chief operating decision maker (“CODM”) reviews the Company’s ongoing underwriting operations across two operating segments: Insurance and Reinsurance. In determining how to allocate resources and assess the performance of the Company’s underwriting results, management considers many factors including the nature of the insurance product offered, the risks that are covered and the nature of the client.

•The Insurance segment comprises a specialized portfolio of risks that includes Property, Marine, Asset Backed Finance & Portfolio Credit, Energy, Cyber, Aviation & Aerospace, Political Risk, Violence & Terror, and Other Insurance risks.

•The Reinsurance segment is primarily a property catastrophe book, with a smaller proportion of Retro & Whole Account business.

The Company also has an “Other” category that includes general and administrative expenses and The Fidelis Partnership commissions.

Assets are not allocated to segments, nor are general and administrative expenses allocated between segments as employees, including underwriters, may work across different segments. The Fidelis Partnership commissions (see Note 12, Related Party Transactions) are not allocated to segments as they are not included in the measure of segment profit reviewed by the CODM, nor is a segment analysis of such expenses provided in other information reviewed by the CODM.

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The following tables summarize the Company’s segment disclosures:

			Three Months Ended June 30, 2026
			Insurance						Reinsurance						Other									Total
Gross premiums written			$	913.5					$	383.3					$	—								$	1,296.8
Net premiums written			543.5						225.7						—									769.2
Net premiums earned			514.7						66.4						—									581.1
Losses and loss adjustment expenses			(301.2)						8.6						—									(292.6)
Policy acquisition expenses			(163.9)						(22.0)						(70.5)									(256.4)
General and administrative expenses			—						—						(29.3)									(29.3)
Underwriting income			49.6						53.0															2.8
Net investment income																								44.0
Net realized and unrealized investment gains																								24.9
Corporate and other expenses																								(2.3)
Net foreign exchange losses																								(3.9)
Financing costs																								(12.6)
Income before income taxes																								52.9
Income tax expense																								(8.5)
Net income																								$	44.4
Losses and loss adjustment expenses incurred - current year			(321.9)						(3.4)															$	(325.3)
Losses and loss adjustment expenses incurred - prior accident years			20.7						12.0															32.7
Losses and loss adjustment expenses incurred - total			$	(301.2)					$	8.6														$	(292.6)
Underwriting Ratios(1)
Loss ratio - current year			62.5		%				5.1		%													56.0		%
Loss ratio - prior accident years			(4.0		%)				(18.1		%)													(5.6		%)
Loss ratio - total			58.5		%				(13.0		%)													50.4		%
Policy acquisition expense ratio			31.8		%				33.1		%													32.0		%
Underwriting ratio			90.3		%				20.1		%													82.4		%
The Fidelis Partnership commissions ratio																								12.1		%
General and administrative expense ratio																								5.0		%
Combined ratio																								99.5		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

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			Three Months Ended June 30, 2025
			Insurance						Reinsurance						Other									Total
Gross premiums written			$	902.3					$	316.7					$	—								$	1,219.0
Net premiums written			546.2						152.7						—									698.9
Net premiums earned			458.9						79.1						—									538.0
Losses and loss adjustment expenses			(291.8)						(4.9)						—									(296.7)
Policy acquisition expenses			(148.9)						(20.1)						(70.6)									(239.6)
General and administrative expenses			—						—						(22.3)									(22.3)
Underwriting income/(loss)			18.2						54.1															(20.6)
Net investment income																								44.6
Net realized and unrealized investment gains																								6.7
Corporate and other expenses																								(1.2)
Net foreign exchange gains																								2.0
Financing costs																								(9.3)
Income before income taxes																								22.2
Income tax expense																								(2.5)
Net income																								$	19.7
Losses and loss adjustment expenses incurred - current year			(178.4)						(29.1)															$	(207.5)
Losses and loss adjustment expenses incurred - prior accident years			(113.4)						24.2															(89.2)
Losses and loss adjustment expenses incurred - total			$	(291.8)					$	(4.9)														$	(296.7)
Underwriting Ratios(1)
Loss ratio - current year			38.9		%				36.8		%													38.5		%
Loss ratio - prior accident years			24.7		%				(30.6		%)													16.6		%
Loss ratio - total			63.6		%				6.2		%													55.1		%
Policy acquisition expense ratio			32.4		%				25.4		%													31.4		%
Underwriting ratio			96.0		%				31.6		%													86.5		%
The Fidelis Partnership commissions ratio																								13.1		%
General and administrative expense ratio																								4.1		%
Combined ratio																								103.7		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

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			Six Months Ended June 30, 2026
			Insurance						Reinsurance						Other									Total
Gross premiums written			$	2,349.6					$	787.6					$	—								$	3,137.2
Net premiums written			1,547.5						402.0						—									1,949.5
Net premiums earned			1,029.6						120.0						—									1,149.6
Losses and loss adjustment expenses			(529.0)						12.6						—									(516.4)
Policy acquisition expenses			(303.1)						(35.3)						(157.3)									(495.7)
General and administrative expenses			—						—						(58.5)									(58.5)
Underwriting income			197.5						97.3															79.0
Net investment income																								87.7
Net realized and unrealized investment gains																								23.3
Corporate and other expenses																								(2.7)
Net foreign exchange losses																								(4.0)
Financing costs																								(27.3)
Income before income taxes																								156.0
Income tax expense																								(3.6)
Net income																								$	152.4
Losses and loss adjustment expenses incurred - current year			(534.5)						(17.7)															$	(552.2)
Losses and loss adjustment expenses incurred - prior accident years			5.5						30.3															35.8
Losses and loss adjustment expenses incurred - total			$	(529.0)					$	12.6														$	(516.4)
Underwriting Ratios(1)
Loss ratio - current year			51.9		%				14.8		%													48.0		%
Loss ratio - prior accident years			(0.5		%)				(25.3		%)													(3.1		%)
Loss ratio - total			51.4		%				(10.5		%)													44.9		%
Policy acquisition expense ratio			29.4		%				29.4		%													29.4		%
Underwriting ratio			80.8		%				18.9		%													74.3		%
The Fidelis Partnership commissions ratio																								13.7		%
General and administrative expense ratio																								5.1		%
Combined ratio																								93.1		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

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			Six Months Ended June 30, 2025
			Insurance						Reinsurance						Other									Total
Gross premiums written			$	2,169.3					$	772.6					$	—								$	2,941.9
Net premiums written			1,355.1						370.2						—									1,725.3
Net premiums earned			970.8						170.2						—									1,141.0
Losses and loss adjustment expenses			(573.2)						(152.7)						—									(725.9)
Policy acquisition expenses			(297.1)						(39.8)						(149.0)									(485.9)
General and administrative expenses			—						—						(44.3)									(44.3)
Underwriting income/(loss)			100.5						(22.3)															(115.1)
Net investment income																								94.1
Net realized and unrealized investment gains																								12.6
Corporate and other expenses																								(1.2)
Net foreign exchange losses																								(0.5)
Financing costs																								(18.0)
Loss before income taxes																								(28.1)
Income tax benefit																								5.3
Net loss																								$	(22.8)
Losses and loss adjustment expenses incurred - current year			(467.3)						(210.2)															$	(677.5)
Losses and loss adjustment expenses incurred - prior accident years			(105.9)						57.5															(48.4)
Losses and loss adjustment expenses incurred - total			$	(573.2)					$	(152.7)														$	(725.9)
Underwriting Ratios(1)
Loss ratio - current year			48.1		%				123.5		%													59.4		%
Loss ratio - prior accident years			10.9		%				(33.8		%)													4.2		%
Loss ratio - total			59.0		%				89.7		%													63.6		%
Policy acquisition expense ratio			30.6		%				23.4		%													29.5		%
Underwriting ratio			89.6		%				113.1		%													93.1		%
The Fidelis Partnership commissions ratio																								13.1		%
General and administrative expense ratio																								3.9		%
Combined ratio																								110.1		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

4.           Investments

At June 30, 2026, the Company’s investments are substantially all managed by external investment managers through individual investment management agreements. The Company monitors activity and performance of the external managers on an ongoing basis.

a.Fixed maturity securities

The following table summarizes the fair value of fixed maturity investments:

			June 30, 2026
			Amortized Cost						Unrealized gains						Unrealized losses						Fair value
U.S. Treasuries			$	420.5					$	1.5					$	(1.1)					$	420.9
Agencies			3.8						—						—						3.8
Non-U.S. government			38.5						0.1						(0.1)						38.5
Corporate bonds			1,699.3						12.9						(2.9)						1,709.3
Residential mortgage-backed			402.2						2.3						(0.1)						404.4
Commercial mortgage-backed			9.5						—						—						9.5
Other asset-backed securities			271.8						0.8						(0.5)						272.1
Total fixed maturity securities			$	2,845.6					$	17.6					$	(4.7)					$	2,858.5

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			December 31, 2025
			Amortized Cost						Unrealized gains						Unrealized losses						Fair value
U.S. Treasuries			$	477.8					$	6.6					$	(0.2)					$	484.2
Agencies			6.9						—						—						6.9
Non-U.S. government			46.6						0.6						—						47.2
Corporate bonds			1,616.8						35.7						(0.3)						1,652.2
Residential mortgage-backed			244.3						5.6						—						249.9
Commercial mortgage-backed			1.0						—						—						1.0
Other asset-backed securities			197.2						1.9						(0.1)						199.0
Total fixed maturity securities			$	2,590.6					$	50.4					$	(0.6)					$	2,640.4

Review of the fixed maturity securities is performed on a regular basis to consider concentration, credit quality and compliance with established guidelines. For individual fixed maturity securities, nationally recognized statistical rating organizations are used and the middle of three ratings or the lower of two is taken. The composition of the fair values of fixed maturity securities by credit rating is as follows:

			June 30, 2026												December 31, 2025
			Fair Value						%						Fair Value						%
AAA			$	273.1					9		%				$	216.1					9		%
AA			964.3						34		%				891.2						34		%
A			1,187.6						42		%				1,118.8						42		%
BBB			406.3						14		%				382.8						14		%
Below BBB			27.2						1		%				31.5						1		%
Total fixed maturity securities			$	2,858.5					100		%				$	2,640.4					100		%

The contractual maturities for fixed maturity securities are listed in the following table:

			June 30, 2026												December 31, 2025
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	204.8					$	205.1					$	233.0					$	234.2
Due after one year through five years			1,433.6						1,442.6						1,503.5						1,532.4
Due after five years through ten years			669.3						671.4						520.3						534.3
Due after ten years			537.9						539.4						333.8						339.5
Total fixed maturity securities			$	2,845.6					$	2,858.5					$	2,590.6					$	2,640.4

Expected maturities may differ from contractual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Additionally, lenders may have the right to put the securities back to the borrower.

b.Short-term investments

The Company’s short-term investments consist of U.S. Treasuries, corporate bonds and other asset-backed securities with maturities of 90 days or greater but less than one year at the time of purchase:

			June 30, 2026
			Amortized Cost						Unrealized gains						Unrealized losses						Fair value
U.S. Treasuries			$	253.8					$	—					$	(0.2)					$	253.6
Corporate bonds			1.2						—						—						1.2
Total short-term investments			$	255.0					$	—					$	(0.2)					$	254.8

			December 31, 2025
			Amortized Cost						Unrealized gains						Unrealized losses						Fair value
U.S. Treasuries			$	109.9					$	—					$	—					$	109.9
Corporate bonds			1.0						—						—						1.0
Other asset-backed securities			0.4						—						—						0.4
Total short-term investments			$	111.3					$	—					$	—					$	111.3

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The composition of the fair values of short-term investments by credit rating is as follows:

			June 30, 2026												December 31, 2025
			Fair Value						%						Fair Value						%
AAA			$	—					—		%				$	0.4					—		%
AA			253.7						100		%				109.9						99		%
A			1.0						—		%				0.7						1		%
BBB			0.1						—		%				0.3						—		%
Total short-term investments			$	254.8					100		%				$	111.3					100		%

c.Available-for-sale - net loss position

The following table summarizes, by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position for the Company’s available-for-sale portfolio:

			June 30, 2026
									0 - 12 months						> 12 months
			Fair value						Gross unrealized losses						Gross unrealized losses						Number of securities
U.S. Treasuries			$	378.5					$	(1.3)					$	—					84
Non-U.S. government			5.7						(0.1)						—						4
Corporate bonds			344.0						(2.8)						(0.1)						344
Residential mortgage-backed			14.2						(0.1)						—						5
Commercial mortgage-backed			2.3						—						—						5
Other asset-backed securities			73.8						(0.4)						(0.1)						57
Total			$	818.5					$	(4.7)					$	(0.2)					499

			December 31, 2025
									0 - 12 months						> 12 months
			Fair value						Gross unrealized losses						Gross unrealized losses						Number of securities
U.S. Treasuries			$	50.1					$	(0.1)					$	(0.1)					49
Non-U.S. government			5.3						—						—						3
Corporate bonds			53.3						(0.3)						—						132
Residential mortgage-backed			2.2						—						—						1
Other asset-backed securities			25.3						(0.1)						—						30
Total			$	136.2					$	(0.5)					$	(0.1)					215

At June 30, 2026 on a security level basis, 499 securities out of a total of approximately 1,679 securities were in an unrealized loss position and the largest unrealized loss from a single security in the Company’s fixed maturity portfolio was $0.3 million. At December 31, 2025, on a security level basis, 215 securities out of a total of approximately 1,624 securities were in an unrealized loss position and the largest unrealized loss from a single security in the Company’s fixed maturity portfolio was $0.1 million.

d.Allowance for expected credit losses - available-for-sale

The following table provides a roll forward of the allowance for expected credit losses of the Company’s securities classified as available-for-sale:

			Three months ended												Six months ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Balance at beginning of period			$	2.8					$	1.9					$	0.6					$	5.9
Expected credit losses on securities where credit losses were not previously recognized			1.7						0.2						3.9						0.7
Reductions for expected credit losses on securities where credit losses were previously recognized			(0.3)						(0.8)						(0.2)						(5.2)
Securities sold/redeemed/matured			(0.6)						(0.7)						(0.7)						(0.8)
Balance at end of period			$	3.6					$	0.6					$	3.6					$	0.6

The Company assesses each quarter whether the decline in fair value of an available-for-sale security below its amortized cost is the result of a credit loss. All available-for-sale securities with unrealized losses are reviewed. The Company considers many factors to

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determine whether a credit loss exists, including the extent to which fair value is below cost, the implied yield to maturity, rating downgrades of the security and whether or not the issuer has failed to make scheduled principal or interest payments. The Company also takes into consideration information about the financial condition of the issuer and industry factors that could negatively impact the capital markets.

If the decline in fair value of an available-for-sale security below its amortized cost is considered to be the result of a credit loss, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the expected credit loss, which is recorded as an allowance and recognized in net income.

e.Other investments, at fair value

The following table provides a summary of the Company’s other investments by investment strategy:

			June 30, 2026												December 31, 2025
			Fair Value						%						Fair Value						%
Fixed income funds			$	270.5					41		%				$	243.0					50		%
Hedge funds
Credit			26.3						4		%				25.0						5		%
Global macro			48.1						7		%				41.6						9		%
Long/short			192.5						29		%				67.4						14		%
Multi-strategy and event-driven			100.9						15		%				96.8						20		%
Total hedge funds			367.8						55		%				230.8						48		%
Private credit funds			23.4						4		%				11.9						2		%
Total other investments			$	661.7					100		%				$	485.7					100		%

The fixed income fund investments are structured as commingled investment funds managed by third-party managers. In 2025 the Company invested in:

•A UCITS (Undertakings for Collective Investment in Transferable Securities) fund that is actively investing in primarily global investment-grade credit securities. The fund has an average credit rating of A.

•An ICAV (Irish collective asset-management vehicle) fund that is structured as a limited partnership. The fund invests in a diverse portfolio of primarily high yield corporate debt securities and bank loans. The fund has an average credit rating of BB-.

•An open-ended Luxembourg based fund that is investing in investment-grade and short-dated subscription line financing for private funds. The fund has an average credit rating of AA.

At June 30, 2026, approximately $nil (December 31, 2025: $63.4 million) of the fixed income funds were subject to lock-ups or hold-backs and are not redeemable within twelve months. The remaining funds can be redeemed within 30 days’ notice.

At June 30, 2026, the Company had $9.0 million (December 31, 2025: $12.2 million) of unfunded investment commitments to fixed income funds, which are callable by the relevant investment managers.

Commencing 2024, the Company invested in a number of hedge funds which are structured as limited partnerships and are managed by third-party managers. The individual hedge fund strategies include credit, global macro, long/short, multi strategy and event-driven.

Other investments in hedge funds are redeemable over periods ranging from one month to greater than twelve months. The common redemption restrictions which may impact the Company's ability to redeem hedge funds are lock-up periods, hold-backs and gates. A lock-up period is the initial amount of time an investor is contractually required to remain invested in the fund before having the ability to redeem in whole or in part. A hold-back entitles the fund to retain up to 10% of a total redemption request, pending completion of the external audit for the financial year in which the redemption occurs. A gate is a suspension of redemptions which may be implemented by the investment manager of the fund to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a specified percentage of the fund’s net assets. At June 30, 2026, approximately 85% (December 31, 2025: 94%) of the total hedge fund investment can be redeemed within the next twelve months, while approximately 15% (December 31, 2025: 6%) of the total hedge fund investment could be subject to lock-ups or hold-backs and are not redeemable within twelve months. At June 30, 2026, approximately 7% (December 31, 2025: 1%) of the hedge funds were subject to a gate.

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Commencing 2025, the Company invested in private credit funds managed by third-party managers. The private credit fund strategy includes investing in portfolio debt securities related to certain private credit asset classes, including direct lending, specialty finance and credit opportunities.

At June 30, 2026 the Company had $96.5 million (December 31, 2025: $108.1 million) of unfunded commitments as a limited partner in private credit funds. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships will liquidate over 5 to 10 years from inception of the limited partnership.

f.Net investment income and net realized and unrealized investment gains

The components of net investment return are as follows:

			Three Months Ended												Six Months Ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Net interest and dividend income			$	46.2					$	47.0					$	91.6					$	98.3
Investment expenses			(2.2)						(2.4)						(3.9)						(4.2)
Net investment income			44.0						44.6						87.7						94.1
Net realized gains/(losses) on fixed maturity securities, available-for-sale			(0.7)						0.8						(0.7)						1.6
Net realized gain on derivatives			—						—						0.1						—
Net realized and unrealized gains on other investments			26.4						4.6						26.9						5.7
Change in provision for expected credit losses			(0.8)						1.3						(3.0)						5.3
Net realized and unrealized investment gains			24.9						6.7						23.3						12.6
Total realized and unrealized investments gains/(losses) and net investment income			$	68.9					$	51.3					$	111.0					$	106.7

5.           Fair Value Measurements

FASB ASC 820-10, Fair Value Measurements and Disclosures, defines fair value, establishes a consistent framework for measuring fair value and requires disclosures about fair value measurements. The standard requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Fair value hierarchy

FASB ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. The fair value hierarchy is as follows:

•Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. The fair value is determined by multiplying the quoted price by the quantity held by the Company.

•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices (e.g. interest rates, yield curves, prepayment spreads, default rate, etc.) for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or can be corroborated by observable market data.

•Level 3: Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. Significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible. The frequency of transactions, the size of the bid-ask spread and the amount of adjustment necessary when comparing similar transactions are all factors in determining the liquidity of markets and the relevance of observable prices in those markets.

The Company’s policy with respect to transfer between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the end of the reporting period.

Determination of fair value

The following section describes the valuation methodologies used by the Company to measure assets and liabilities at fair value, including an indication of the level within the fair value hierarchy in which each asset or liability is generally classified.

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Fixed maturity securities, available-for-sale

Fair values for all fixed maturity securities, available-for-sale, are independently provided by the investment administrator, investment custodians, and investment managers, each of which utilize internationally recognized independent pricing services.

For determining the fair value of securities that are not actively traded, in general, pricing services use “matrix pricing” in which the independent pricing service uses observable market inputs including, but not limited to, reported trades, benchmark yields, broker-dealer quotes, interest rates, prepayment spreads, default rates and such other inputs as are available from market sources to determine a reasonable fair value.

The following describes the techniques generally used to determine the fair value of the Company’s fixed maturity securities by asset class.

•U.S. Treasuries are bonds issued by the U.S. government. The significant inputs used to determine the fair value of these securities are based on quoted prices in active markets for identical assets and are therefore classified within Level 1.

•Agency securities consist of securities issued by U.S. and non-U.S. government sponsored agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, government development banks and other agencies which are not mortgage pass-through. The fair values of these securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of these securities are classified as Level 2.

•Non-U.S. government securities consist of bonds issued by non-U.S. governments and supranationals. The significant inputs used to determine the fair value of these securities include the spread above the risk-free yield curve, reported trades and broker-dealer quotes. These are considered to be observable market inputs and, therefore, the fair values of these securities are classified within Level 2.

•Corporate bonds consist primarily of investment-grade debt of a wide variety of corporate issuers and industries. When available, significant inputs are used to determine the fair value of these securities and are based on quoted prices in active markets for similar assets. When not available, the fair values of these securities are determined using the spread above the risk-free yield curve, reported trades, broker-dealer quotes, benchmark yields, and industry and market indicators. The fair values of these securities are classified as Level 2.

•Residential mortgage-backed securities include agency mortgage-backed securities and agency collateralized mortgage obligations. These are individually evaluated using option adjusted spreads (“OAS”) and nominal spreads. The OAS valuations use a third-party prepayment model and OAS. Spreads are based upon tranche type and average life volatility. These spreads are gathered from dealer quotes, trade prices, and the new issue market. The fair values of these securities are classified as Level 2.

•Commercial mortgage-backed securities consist of investment grade bonds backed by pools of loans with underlying collateral. Securities held in this sector are primarily priced by pricing services. Inputs to the valuation process include broker-dealer quotes and other available trade information, prepayment speeds, current price data, the swap curve as well as cash settlement. The fair values of these securities are classified as Level 2.

•Other asset-backed securities consist of investment grade bonds backed by pools of loans with underlying collateral. The underlying collateral for asset-backed securities consists mainly of student loans, automobile loans and credit card receivables. These securities are primarily priced by index providers and pricing vendors. Inputs to the valuation process include broker-dealer quotes and other available trade information, prepayment speeds, tranche type, interest rate data and credit spreads. The Company classifies these securities within Level 2.

Short-term investments

The Company’s short-term investments are classified within the fair value hierarchy using the methodologies specified for our fixed maturity securities above.

Other investments

Fair values for the Company’s investments in fixed income funds, hedge funds and private credit funds are based on their respective net asset values and are excluded from the fair value hierarchy table below.

Derivative assets and liabilities

Exchange-traded derivatives, measured at fair value using quoted prices in active markets, where available, are classified as Level 1 of the fair value hierarchy.

Derivatives without quoted prices in an active market and derivatives executed over the counter are valued using internal valuation techniques that consider the time value of money, volatility, the current market and contractual prices of underlying financial instruments. These derivative instruments are classified as either Level 2 or Level 3 depending upon the observability of the

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significant inputs to the model. The valuation techniques and key inputs depend on the type of derivative and the nature of the underlying instrument.

The following tables present the financial instruments measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025:

			June 30, 2026
Assets			Level 1						Level 2						Level 3						Total
Fixed maturity securities
U.S. Treasuries			$	420.9					$	—					$	—					$	420.9
Agencies			—						3.8						—						3.8
Non-U.S. government			—						38.5						—						38.5
Corporate bonds			—						1,709.3						—						1,709.3
Residential mortgage-backed			—						404.4						—						404.4
Commercial mortgage-backed			—						9.5						—						9.5
Other asset-backed securities			—						272.1						—						272.1
Total fixed maturity securities			420.9						2,437.6						—						2,858.5
Short-term investments
U.S. Treasuries			253.6						—						—						253.6
Corporate bonds			—						1.2						—						1.2
Total short-term investments			253.6						1.2						—						254.8
Other assets
Investments pending settlement			7.1						—						—						7.1
Total other assets			7.1						—						—						7.1
Total assets measured at fair value			$	681.6					$	2,438.8					$	—					$	3,120.4
Liabilities
Other liabilities
Investments pending settlement			$	(17.4)					$	—					$	—					$	(17.4)
Derivative liabilities			—						(1.6)						—						(1.6)
Total other liabilities			(17.4)						(1.6)						—						(19.0)
Total liabilities measured at fair value			$	(17.4)					$	(1.6)					$	—					$	(19.0)

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			December 31, 2025
Assets			Level 1						Level 2						Level 3						Total
Fixed maturity securities
U.S. Treasuries			$	484.2					$	—					$	—					$	484.2
Agencies			—						6.9						—						6.9
Non-U.S. government			—						47.2						—						47.2
Corporate bonds			—						1,652.2						—						1,652.2
Residential mortgage-backed			—						249.9						—						249.9
Commercial mortgage-backed			—						1.0						—						1.0
Other asset-backed securities			—						199.0						—						199.0
Total fixed maturity securities			484.2						2,156.2						—						2,640.4
Short-term investments
U.S. Treasuries			109.9						—						—						109.9
Corporate bonds			—						1.0						—						1.0
Other asset-backed securities			—						0.4						—						0.4
Total short-term investments			109.9						1.4						—						111.3
Other assets
Investments pending settlement			4.8						—						—						4.8
Derivative assets			—						2.4						—						2.4
Total other assets			4.8						2.4						—						7.2
Total assets measured at fair value			$	598.9					$	2,160.0					$	—					$	2,758.9
Liabilities
Other liabilities
Investments pending settlement			$	(6.6)					$	—					$	—					$	(6.6)
Derivative liabilities			—						(1.7)						—						(1.7)
Total other liabilities			(6.6)						(1.7)						—						(8.3)
Total liabilities measured at fair value			$	(6.6)					$	(1.7)					$	—					$	(8.3)

There were no transfers into or out of Level 1 and Level 2 during the six months ended June 30, 2026 and the year ended December 31, 2025.

Fair value of financial instrument liabilities

The following table presents financial instruments for which the carrying value differs from the estimated fair values at June 30, 2026 and December 31, 2025. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements.

			June 30, 2026												December 31, 2025
			Fair Value						Carrying Value						Fair Value						Carrying Value
7.750% Subordinated notes due 2055			$	421.9					$	393.7					$	431.0					$	393.5
4.875% Senior notes due 2030			320.9						326.8						327.7						326.4
6.625% Fixed Rate Reset Junior Subordinated notes due 2041			—						—						124.4						123.3

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6.           Total Cash, Cash Equivalents, Restricted Cash and Restricted Investments

The Company has cash and investments in trust funds that support the insurance contracts written on certain lines of business and in segregated portfolios primarily to provide collateral for letters of credit.

The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments at June 30, 2026 and December 31, 2025:

			June 30, 2026						December 31, 2025
Cash and cash equivalents			$	444.3					$	873.0
Restricted cash securing letter of credit facilities			19.7						21.5
Restricted cash securing insurance and reinsurance contracts			53.1						353.1
Total cash, cash equivalents and restricted cash			517.1						1,247.6
Restricted investments securing reinsurance contracts and letter of credit facilities			1,098.0						850.7
Total cash, cash equivalents, restricted cash and restricted investments			$	1,615.1					$	2,098.3

7.           Derivative Financial Instruments

The Company enters into derivative instruments such as futures and swaps primarily for fixed income portfolio interest rate and credit exposure management, and forward contracts for foreign currency exposure management. The Company’s derivative instruments are generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event one party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure.

The following table identifies the fair value and notional amounts of derivative instruments included in the Consolidated Balance Sheets, categorized by primary underlying risk:

						June 30, 2026																		December 31, 2025
						Derivative assets at fair value						Derivative liabilities at fair value						Notional amounts(1)						Derivative assets at fair value						Derivative liabilities at fair value						Notional amounts(1)
Credit default swaps						$	—					$	—					$	—					$	2.4					$	—					$	2.2
Forwards(2)						—						(1.6)						31.7						—						(1.7)						133.3
Total						$	—					$	(1.6)											$	2.4					$	(1.7)

__________________

(1)The absolute notional exposure represents the Company’s derivative activity, which is representative of the volume of derivatives held during the year.

(2)Contracts used to primarily manage foreign currency risks in underwriting.

The following table presents the Company’s net realized gains/(losses) and change in net unrealized gains/(losses) relating to derivative trading activities for the three and six months ended June 30, 2026 and 2025. Net realized gains/(losses) and net unrealized gains/(losses) related to derivatives are included in net realized and unrealized investment gains/(losses) and net foreign exchange (gains)/losses in the Consolidated Statements of Income.

			Three Months Ended																								Six Months Ended
			June 30, 2026												June 30, 2025												June 30, 2026												June 30, 2025
			Net realized gains/(losses)						Change in net unrealized gains/(losses)						Net realized gains/(losses)						Change in net unrealized gains/(losses)						Net realized gains/(losses)						Change in net unrealized gains/(losses)						Net realized gains/(losses)						Change in net unrealized gains/(losses)
Fixed income portfolio management
Credit default swaps			$	—					$	—					$	—					$	—					$	0.1					$	—					$	—					$	—
Foreign exchange contracts
Forwards (1)			(3.1)						0.4						(8.8)						—						0.6						0.1						(12.0)						(1.3)
Total			$	(3.1)					$	0.4					$	(8.8)					$	—					$	0.7					$	0.1					$	(12.0)					$	(1.3)

__________________

(1)Contracts used to primarily manage foreign currency risks in underwriting.

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The Company obtains and provides collateral from and to counterparties for over-the-counter derivative financial instruments in accordance with bilateral credit facilities.

The Company does not offset its derivative instruments and presents all amounts in the Consolidated Balance Sheets on a gross basis. Unrealized gains are included within other assets and unrealized losses are included within other liabilities. The Company has pledged cash collateral to counterparties to support the current value of amounts due to the counterparties based on the value of the underlying security.

8.           Reserves for Losses and Loss Adjustment Expenses

The reserves for losses and loss adjustment expenses include an amount determined from reported claims, and estimates based on historical loss experience and industry statistics for losses incurred but not reported using a variety of actuarial methods.

The reserve estimates contain an inherent level of uncertainty and actual results may vary, potentially significantly, from the estimates the Company has made. Reserves are reviewed on a quarterly basis and estimates are adjusted to reflect emerging claims experience.

The unpaid reported reserves for losses and loss adjustment expenses are established by management based on reports from brokers, ceding companies and insureds and represent the estimated ultimate cost of events or conditions that have been reported to, or specifically identified by the Company.

Losses and loss adjustment expenses incurred but not reported (“IBNR”) reserves are established by management based on actuarial estimates of ultimate losses and loss adjustment expenses. Inherent in the estimate of ultimate losses and loss adjustment expenses are expected trends in claim severity, frequency of large losses and catastrophes, and other factors which may vary significantly as claims are settled.

Actuarial inputs include the Company’s own loss experience, historical insurance industry loss experience, estimates of pricing adequacy trends and management’s professional judgement. Due to the limited historical data available, reliance is placed upon industry data and a review of individual policies. Estimates are calculated at the lowest level line of business, separately for gross and ceded, and for attritional, large and catastrophic claims.

The Company estimates reserves for unallocated claims adjustment expenses (“ULAE”) based on a percentage of loss reserves as determined by management. However, this may be overridden in exceptional circumstances where this approach is not deemed appropriate. There were no material changes made to the Company’s methodology for calculating reserves for unallocated claims adjustment expenses for the six months ended June 30, 2026.

Salvage is recorded based on estimated realizable value and is deducted from the reserve for losses and loss adjustment expenses.

The following table presents a reconciliation for the period of reserves for losses and loss adjustment expenses for the six months ended June 30, 2026 and June 30, 2025:

			June 30, 2026						June 30, 2025
Reserves for losses and loss adjustment expenses, beginning of period			$	2,607.1					$	3,134.3
Reinsurance recoverable on reserves for losses and loss adjustment expenses			(1,195.6)						(1,255.6)
Net reserves for losses and loss adjustment expenses, beginning of period			1,411.5						1,878.7
Net losses and loss adjustment expenses incurred in respect of losses occurring in:
Current year			552.2						677.5
Prior years			(35.8)						48.4
Total incurred			516.4						725.9
Net losses and loss adjustment expenses paid in respect of losses occurring in:
Current year			(23.2)						(191.2)
Prior years			(368.4)						(1,149.9)
Total paid			(391.6)						(1,341.1)
Foreign exchange			(10.0)						27.3
Net reserves for losses and loss adjustment expenses, end of period			1,526.3						1,290.8
Reinsurance recoverable on reserves for losses and loss adjustment expenses			1,348.1						1,244.7
Reserves for losses and loss adjustment expenses, end of period			$	2,874.4					$	2,535.5

As a result of the changes in estimates of insured events in prior years, the reserves for losses and loss adjustment expenses net of reinsurance recoveries decreased by $35.8 million for the six months ended June 30, 2026 (2025: increased by $48.4 million).

Net favorable development for the six months ended June 30, 2026 resulted from better than expected loss development across both segments.

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In the Insurance segment, for the six months ended June 30, 2026 the net favorable development of $5.5 million was primarily driven by better than expected loss emergence in multiple lines of business, partially offset by increased loss estimates related to the Baltimore Bridge collapse within our Marine line of business as well as increases in prior year property D&F losses. In the Reinsurance segment, for the six months ended June 30, 2026 the net favorable development of $30.3 million was driven by positive development on catastrophe losses and benign prior year attritional experience.

9.          Reinsurance and Retrocessional Reinsurance

In the normal course of business, the Company purchases reinsurance and retrocessional protection to mitigate its loss exposure. The Company is exposed to the credit risk of the reinsurers, including the risk that one of its reinsurers becomes insolvent or otherwise unable or unwilling to pay policyholder claims. This credit risk is generally mitigated by either selecting well capitalized, highly rated authorized capacity providers or requiring that the capacity provider post collateral to secure the reinsured risks, which, in some instances, exceeds the related reinsurance recoverable. Allowances are established for amounts deemed uncollectible.

The Company evaluates the financial condition of its reinsurers on a regular basis and monitors concentrations of credit risk with reinsurers. At June 30, 2026, the reinsurance balance recoverable on reserves for losses and loss adjustment expenses was $1,348.1 million (December 31, 2025: $1,195.6 million) and the reinsurance balance recoverable on paid losses was $286.6 million (December 31, 2025: $438.7 million). In evaluating the allowance for expected credit losses, the Company assesses the probability of default and loss given default for each reinsurer. This uses counterparty ratings from a major rating agency and an assessment of the current market conditions for the likelihood of default. An inability of its reinsurers or retrocessionaires to meet their obligations to the Company over the relevant exposure periods for any reason could have a material adverse effect on its financial condition and results of operations.

The allowance for expected credit losses of the Company's reinsurance recoverables on paid losses and on reserves for losses and loss adjustment expenses at June 30, 2026 was $0.3 million and $0.9 million, respectively (December 31, 2025: $0.3 million and $0.9 million, respectively).

10.          Long Term Debt

Long-term debt

On June 13, 2025, the Company issued $400.0 million of its 7.750% Fixed-Rate Reset Subordinated Notes due June 15, 2055 (collectively, the “Subordinated Notes”), with interest payable on June 15 and December 15 of each year, which commenced on December 15, 2025. From the issue date to, but excluding, June 15, 2035, the Subordinated Notes will bear interest at a fixed rate of 7.750% per annum. From and including June 15, 2035, and every five years on June 15 thereafter, the interest rate will reset to the then-current five-year U.S. Treasury rate plus 4.280%, as determined on the applicable reset date. The Subordinated Notes are redeemable at the applicable redemption price, subject to the terms described in the indenture for the Subordinated Notes. However, the Subordinated Notes may not be redeemed if enhanced capital requirements, as established by the Bermuda Monetary Authority (“BMA”), would be breached immediately before or after giving effect to the redemption of such notes, unless the Company replaces the capital represented by the Subordinated Notes to be redeemed or repaid with capital having equal or better capital treatment as the notes under applicable BMA rules. Notwithstanding the foregoing, the Subordinated Notes may not be redeemed prior to June 15, 2030 unless the BMA does not object to such redemption, having been provided notice of the redemption, and the conditions in the foregoing sentence are satisfied. The Subordinated Notes contain covenants, including limitations on liens on the stock of certain designated subsidiaries, limitations on consolidations, mergers, amalgamations and sales of substantially all assets and certain reporting obligations.

On October 16, 2020, the Company issued $105.0 million, and on October 20, 2020, the Company issued a further $20.0 million of its 6.625% Fixed-Rate Reset Junior Subordinated Notes due April 1, 2041 (collectively, the “Junior Notes”) with interest payable on April 1 and October 1 of each year, commencing on April 1, 2021. In April 2026, the Company redeemed its Junior Notes for their principal amount of $125.0 million, plus accrued and unpaid interest up to the redemption date. The Company recorded a corporate expense of $1.7 million in the three months ending June 30, 2026 for the unamortized discount and debt issuance costs.

On June 18, 2020, the Company issued $300.0 million and on July 2, 2020 the Company issued a further $30.0 million of its 4.875% Senior Notes due June 30, 2030 (collectively, the “Senior Notes”), with interest payable on June 30 and December 30 of each year,

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commencing on December 30, 2020. The Senior Notes are redeemable at the applicable redemption price, subject to the terms described in the indenture for the Senior Notes. However, the Senior Notes may not be redeemed at any time prior to their maturity if enhanced capital requirements, as established by the BMA, would be breached immediately before or after giving effect to the redemption of such notes, unless the Company replaces the capital represented by the Senior Notes to be redeemed with capital having equal or better capital treatment as the notes under applicable BMA rules. The Senior Notes contain covenants, including limitations on liens on the stock of certain designated subsidiaries, limitations on consolidations, mergers, amalgamations and sales of substantially all assets and certain reporting obligations.

The following table sets forth the principal amount of the debt issued as well as the unamortized discount and debt issuance costs at June 30, 2026 and December 31, 2025:

			June 30, 2026												December 31, 2025
			Principal						Unamortized discount and debt issuance costs						Principal						Unamortized discount and debt issuance costs
7.750% Fixed Rate Reset Subordinated notes due 2055			$	400.0					$	(6.3)					$	400.0					$	(6.5)
4.875% Senior notes due 2030			330.0						(3.2)						330.0						(3.6)
6.625% Fixed Rate Reset Junior Subordinated notes due 2041			—						—						125.0						(1.7)
Total			$	730.0					$	(9.5)					$	855.0					$	(11.8)

11.          Commitments and Contingencies

a.Letter of credit facilities

At June 30, 2026, the Company had the following letter of credit facilities:

			June 30, 2026
Bank			Commitment						In Use						Date of Expiry
Lloyds Bank plc(1)(2)
Unsecured			$	20.0					$	4.4					September 21, 2028
Secured			115.0						23.4						September 21, 2028
Total Lloyds Bank Plc			135.0						27.8
Citibank N.A. London branch(1)(2)
Secured			70.0						14.1						December 31, 2026
Total Citibank N.A. London branch			70.0						14.1
Barclays Bank plc(1)(2)
Unsecured			20.0						9.3						September 13, 2028
Secured			115.0						29.8						September 13, 2028
Total Barclays Bank plc			135.0						39.1
Bank of Montreal(1)(2)
Unsecured			40.0						4.6						September 18, 2026
Secured			100.0						26.1						September 18, 2026
Total Bank of Montreal			140.0						30.7
Total letters of credit facilities			$	480.0					$	111.7

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(1)Letters of credit can be issued under the secured letter of credit facilities for the purposes of supporting insurance and reinsurance obligations.

(2)The Facility agreements allow for additional capacity in the form of accordions and uncommitted amounts. The maximum additional capacity from the lenders as of June 30, 2026, was: Lloyds Bank plc $65.0 million; Citibank N.A. London Branch $200.0 million; Barclays Bank plc $65.0 million; and Bank of Montreal $60.0 million.

The following table shows the value of the collateral underlying the secured letter of credit facilities:

Bank			June 30, 2026
Lloyds Bank plc			$	28.9
Citibank N.A. London branch			17.6
Barclays Bank plc			32.7
Bank of Montreal			32.9
Total			$	112.1

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The Company's letter of credit facilities are bilateral agreements with one to three year terms. The letters of credit issued under the secured letter of credit facilities are fully collateralized. Each of the above facilities are subject to various affirmative, negative and financial covenants that the Company considers to be customary for such borrowings including certain minimum net worth and maximum debt to capitalization standards.

b.Legal proceedings

Similar to the rest of the insurance and reinsurance industry, the Company is from time to time subject to litigation, arbitration and other dispute resolution proceedings in the ordinary course of its business. Such matters generally arise from questions of insurance or reinsurance coverage, including coverage disputes arising from notable natural catastrophes and man-made loss events, the interpretation or application of policy or contract terms, claims handling activities or the enforcement of the Company’s rights and obligations under insurance or reinsurance agreements, and may involve efforts to collect amounts due to the Company or to defend against claims asserted by policyholders, cedants, reinsurers or other counterparties. The Company may also be involved in the investigation, conduct and defense of other potential litigation, disputes and regulatory or governmental inquiries, including matters relating to underwriting or administrative errors or omissions, employment-related claims or other operational or commercial disputes, from time to time in the ordinary course of business. Pursuant to the Company’s insurance and reinsurance arrangements, a number of these disputes are resolved by arbitration or other forms of alternative dispute resolution, or through negotiated resolution, and the Company considers the status of such matters in establishing its reserves for losses and loss adjustment expenses, as appropriate. The Company is not a party to any litigation or governmental or other proceeding that it believes will have a material impact on the Company’s financial position, results of operations or liquidity.

c.Concentration of credit risk

Credit risk arises out of the failure of a counterparty to perform according to the terms of the contract. The Company underwrites a significant portion of its (re)insurance business through brokers and as a result credit risk exists should any of these brokers be unable to fulfil their contractual obligations with respect to the payments of premium or failure to pass on claims, if there is risk transfer, to the Company. The Company has policies and standards in place to manage and monitor the credit risk of intermediaries with a focus on day-to-day monitoring of the largest positions. Note 9 (Reinsurance and Retrocessional Reinsurance) describes the credit risk related to the Company’s reinsurance recoverables.

12.          Related Party Transactions

On January 3, 2023, The Fidelis Partnership acquired 9.9% of the common shares of the Company. Certain directors, executive officers and management of TFP also own common shares of the Company.

On December 20, 2022, the Company and TFP entered into a rolling 10-year framework agreement (the “Framework Agreement”), effective January 1, 2023, that governs the ongoing relationship between the two groups. Years one to three rolled automatically, whereas from year four onwards, the Framework Agreement will roll at the sole written election of the Company, with such election to be delivered at least 90 days prior to the commencement of the subsequent contract year. Any decision by the Company to elect not to roll the Framework Agreement will mean that the remainder of the 10-year terms then in effect will continue in place. An election to roll the 10 year term of the Framework Agreement was delivered on October 1, 2025.

The underwriting activities of PICB, PICUK and PICI have been primarily outsourced to the corresponding operating subsidiaries of TFP on a jurisdictional basis. TFP manages origination, underwriting, underwriting administration and claims handling under delegated authority agreements with the Company. Other services provided by TFP to the Company include sourcing and administering the outwards reinsurance program, and support with business planning, capital management, insurance contract accounting and information technology. The Framework Agreement provides for the payment of the following fees with effect from January 1, 2023:

a.Ceding commissions: (i) a ceding commission of 11.5% of net premiums written of open market business procured by The Fidelis Partnership on or after January 1, 2023; (ii) a ceding commission of 3.0% of net premiums written of business sourced by The Fidelis Partnership via third party managing general underwriters on or after January 1, 2023; and (iii) a portfolio management fee of 3.0% of net premiums written of the business sourced by The Fidelis Partnership.

b.Profit commission: a profit commission of 20.0% of the aggregate operating profit (defined as underwriting income on business written by The Fidelis Partnership, subject to certain parameters for the allocation of general and administrative expenses, financing costs and other items, and excluding investment income), subject to a hurdle rate of return of 5.0% of underwriting return on equity.

For insurance contracts sourced by The Fidelis Partnership’s Managing General Agent incubator platform, Pine Walk, the fees and commissions follow separately negotiated arrangements and will not attract additional commissions under the terms of the Framework Agreement other than the portfolio management fee of 3.0%.

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The following table summarizes The Fidelis Partnership commissions earned, which are included in policy acquisition expenses in the Consolidated Statements of Income:

			Three months ended												Six months ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Ceding commission expense			$	78.4					$	70.6					$	155.0					$	149.0
Profit commission expense			(7.9)						—						2.3						—
Total commissions			$	70.5					$	70.6					$	157.3					$	149.0

Amounts receivable from TFP at June 30, 2026 of $239.6 million (December 31, 2025: $174.8 million) primarily consist of amounts collected by TFP on behalf of the Company that were not remitted prior to the end of the period. Amounts payable to TFP at June 30, 2026 of $640.1 million (December 31, 2025: $457.7 million) primarily consist of amounts payable to TFP for ceding and profit commissions, and claims paid by TFP on the Company’s behalf.

The Framework Agreement also provides that, in respect of commissions and profit commissions on ceded quota share business, the Company shall retain 1.0% of reinsurance premiums ceded and the remainder is to be paid to TFP. Commissions on ceded business for the three and six months ended June 30, 2026 of $27.3 million and $53.8 million, respectively (2025: $25.3 million and $55.2 million) were paid to TFP. For the three and six months ended June 30, 2026 profit commissions on ceded business of $23.3 million and $35.3 million, respectively, were paid to The Fidelis Partnership. For the three and six months ended June 30, 2025, due to a reduction in profit commission income on ceded business, we recovered $(25.5) million and $(16.2) million, respectively, from The Fidelis Partnership.

Insurance contracts sourced by Pine Walk contain profit commissions based on the results of each individual contract. The expense for the three and six months ended June 30, 2026 was $4.7 million and $6.8 million, respectively, (2025: $21.6 million and $33.3 million) and was included within policy acquisition expenses.

13.          Earnings Per Share

			Three months ended												Six months ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Earnings/(loss) per common share
Net income/(loss)			$	44.4					$	19.7					$	152.4					$	(22.8)
Weighted average common shares outstanding			84,414,876						108,627,579						88,664,331						110,077,312
Earnings/(loss) per common share			$	0.53					$	0.18					$	1.72					$	(0.21)
Earnings/(loss) per diluted common share
Net income/(loss)			$	44.4					$	19.7					$	152.4					$	(22.8)
Weighted average common shares outstanding			84,414,876						108,627,579						88,664,331						110,077,312
Share-based compensation plans			692,674						508,245						601,534						—
Weighted average diluted common shares outstanding			85,107,550						109,135,824						89,265,865						110,077,312
Earnings/(loss) per diluted common share			$	0.52					$	0.18					$	1.71					$	(0.21)

14.          Share Capital Authorized and Issued

The following table sets out the number and par value of shares authorized, issued and outstanding:

			June 30, 2026						December 31, 2025
Common shares, par value $0.01 per share
Authorized			600,000,000						600,000,000
Issued and outstanding
Common shares			82,728,333						96,651,534

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Common share dividends

Cash dividends of $0.15 and $0.30 per common share were declared and paid in the three and six months ended June 30, 2026 (2025: $0.10 and $0.20 per common share).

Common share repurchases

On February 20, 2026, the Board of Directors approved an increase to the current common share repurchase authorization to $400.0 million. Pursuant to the Program, Pelagos may repurchase shares through open market purchases pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), accelerated share repurchases or privately negotiated transactions, as well as pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act.

The following table summarizes common shares repurchased in the three and six months ended June 30, 2026 and 2025:

			Three months ended												Six months ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Common shares repurchased			2,779,812						5,484,838						14,324,667						6,923,116
Cost of shares repurchased, inclusive of commissions			$	60.1					$	88.7					$	279.5					$	110.8
Weighted average price per share, inclusive of commissions			$	21.60					$	16.17					$	19.51					$	16.01

Included in common shares repurchased in the three and six months June 30, 2026 were 1,440,000 common shares repurchased from Pine Brook Feal Intermediate, L.P. for $31.7 million in privately negotiated transactions.

Included in common shares repurchased in the six months ended June 30, 2026 were 8,597,170 common shares repurchased from CVC Falcon Holdings Limited (“CVC”) for $163.3 million in a privately negotiated transaction. Following this transaction, CVC no longer holds any ownership interest in Pelagos.

Included in common shares repurchased in the three and six months ended June 30, 2026, were 273,389 and 1,374,947, respectively, (2025: 541,639 and 677,723) common shares repurchased from TFP for $5.9 million and $26.8 million, respectively, (2025: $8.8 million and $10.9 million). These transactions were effected at a price equal to the average price paid by the Company on such day for share repurchases from all other shareholders. The repurchase mechanism follows a prescribed format designed to keep TFP’s ownership of PLGO to below 9.8752%.

Common shares repurchased by the Company are retired. The unutilized amount of the share repurchase authorization at June 30, 2026 was $139.1 million.

15.          Income Taxes

The Company’s income tax expense/(benefit) for the three and six months ended June 30, 2026, resulted in an effective tax rate of 16.0% and 2.3%, respectively, (2025: 11.3% and 18.9%). The income tax expense/(benefit) for the three and six months ended June 30, 2026 was $8.5 million and $3.6 million, respectively, (2025: $2.5 million and $(5.3) million).

In December 2025, in response to updated guidance from the Organisation for Economic Co-operation and Development (“OECD”), an amendment to the Bermuda Corporate Income Taxes Act was enacted. The amendment eliminated reductions to the tax basis recognized as part of the Economic Transition Adjustment in 2023 and resulted in a deferred tax benefit of $23.5 million in the year ended December 31, 2025.

At December 31, 2025, the U.K. had not enacted legislation which implemented that OECD guidance. Accordingly, a Pillar 2 top-up tax charge of $21.4 million was accrued in the year ended December 31, 2025. The U.K. Finance Act 2026 was enacted in March 2026, implementing the OECD guidance. Therefore, the U.K. top-up tax liability of $21.4 million has been released in the three months ended March 31, 2026 and treated as a discrete period benefit.

The Company’s income tax expense may fluctuate from period to period based on the relative mix of income or loss reported by jurisdiction and the varying tax rates in each jurisdiction.

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