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Pelagos Insurance Capital

PLGO on NYSE. Fire, marine & casualty insurance. Market value $2.1bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

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Return on equity
five annual reports to December 2025
Not reported

We don't have this figure for this company.

Price to book
annual report to December 2025
1.0×

What you pay for each dollar of net assets: $0.99.

Earnings yield
annual report to December 2025
9.5%

Profit per $100 you pay: $9.51.

Quality score: not known. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.

$24.53 a share, 40% above its 1-year low

Over the past year the price has ranged from $17.58 to $26.34.

Dividend: 2.2% a year

Paid every year for 2 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
n/a
n/a
202320242025
Revenue
$3.6bn$2.4bn$2.5bn
Operating margin
n/an/an/a
Debt to equity
n/an/an/a
Shares outstanding
0.12bn0.11bn0.10bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 18% fewer since 2023

Dates

Next results (estimated)
n/a
Last annual report (10-K)
5 March 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 188 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • Crestview, L.L.C.
    Passive investor
    at least 13.8%+0.9 pts
    (filed with 6 related holders)
    Since 31 December 2025
  • 10.0%+0.1 pts
    Since 4 August 2026
  • Shelf Holdco II Ltd
    Passive investor
    at least 9.4%
    (filed with 3 related holders)
    Since 20 June 2025
  • SPFM Holdings, LLC
    Passive investor
    at least 7.0%−0.8 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 7.0%−1.4 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • LSV Asset Management
    Passive investor
    5.7%
    Since 31 March 2026
  • Abu Dhabi Investment Authority
    Passive investor
    at least 3.4%
    (filed with 1 related holder)
    Since 31 December 2024
  • CVC Falcon Holdings Limited
    Passive investor
    Sold down below 5%
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Pelagos Insurance Capital doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.