Pelagos Insurance (PLGO) rises after first-quarter earnings beat estimates

Pelagos Insurance (NYSE: PLGO) reported first-quarter 2026 earnings above Wall Street expectations, sending shares up 3.1% to $20.91 after the results. Revenue fell 7.3% from a year earlier to $610.6 million but topped analyst estimates by 4.7%. GAAP profit was $1.15 per share, 19.1% above consensus. The specialty insurer reported gross premiums written growth of 6.8%, a combined ratio of 86.6% and annualized operating return on average equity of 15.2%. Book value per share has grown at a 29% annual rate over the past four years, though growth slowed to 10.7% annually over the past two years, rising to $26.22 from $21.41. Consensus estimates call for book value per share to increase 12.9% over the next 12 months to $25.73.