PLGO · CIK 0001636639
What Pelagos Insurance Capital Ltd (fka Fidelis Insurance Holdings) told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for PLGO. More may follow as additional filings are processed.
In its own words
What could break it.
Supplier concentration
- TFP — outsourced underwriting platform critical to operationshigh
Since the 2023 Separation Transactions, underwriting origination, claims, and other critical operations are outsourced to The Fidelis Partnership (an external MGU, ~9.9% shareholder) under Framework and Delegated Underwriting Authority Agreements — a single-counterparty operational dependence regulators treat as material outsourcing.
“Risks Relating to the Group's Strategic Relationship with The Fidelis Partnership The Group relies on TFP for services critical to its underwriting, claims and other operations.”
SEC filing →As of 2026
Regulatory & policy
- sanctions / export controls / price caps — claims channel across aviation, political risk, marine, credit linesmedium
Geopolitical conflicts (Ukraine, Middle East, China–Taiwan tension) and the sanctions/export-control/price-cap regimes around them feed directly into claims frequency and severity across the insurer's aviation, political risk, marine, credit and specialty lines — the insurer-side channel of trade policy.
“Sanctions, export controls, price cap regimes and other restrictive measures imposed by the United States, the United Kingdom (or the "U.K."), the European Union and other jurisdictions may increase claims activity, contribute to coverage disputes, increase loss frequency and severity”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
The Fidelis Partnership (TFP, MGU)
“Risks Relating to the Group's Strategic Relationship with The Fidelis Partnership The Group relies on TFP for services critical to its underwriting, claims and other operations.”
Cited →
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