Fidelis Insurance Group (soon to be rebranded as Pelagos Insurance Capital) is a Bermuda-based specialty insurer and reinsurer that operates primarily as a capital allocator — it provides balance sheet capacity while outsourcing underwriting to specialist managing general agents. Its core product is specialty insurance and reinsurance across short-tail risks including property, marine, structured credit, energy, cyber, aviation, and political risk. Customers are primarily large corporations, banks, commodity traders, aircraft lessors, and other insurers, and Fidelis sells almost exclusively through brokers, with Aon and Marsh & McLennan together accounting for over one-third of gross premiums written. Fidelis splits its book roughly 80% insurance and 20% reinsurance, with the reinsurance segment focused on global property catastrophe covers. The cornerstone underwriting partner is The Fidelis Partnership, a privately held MGA, under a 10-year rolling agreement with Fidelis holding a right of first refusal on all business TFP originates. Fidelis is actively expanding beyond TFP by onboarding additional specialty MGA partners, targeting 25-30%+ of its book with non-TFP partners over time. Fidelis earns money through underwriting profit and investment income on float, with through-the-cycle targets of a combined ratio in the mid-to-high 80s and an operating return on equity of 13-15%. The investment portfolio is primarily short-duration, high-quality fixed income. Fidelis also actively buys outwards reinsurance — ceding roughly 40% of gross premiums written — to reduce net exposure and support its lead market positioning across specialty lines.