Does Pelagos Insurance Capital Limit have an economic moat?
Maybe
Pelagos Insurance Capital Limit earns 17.5% a year on the money invested in it: decent, but not the clear sign of a wide moat.
The numbers behind it
Return on invested capital, average of recent years17.5%
Return on invested capital, latest year3.5%
Gross margin39.0%Share of each sale left after production costs
Net margin10.4%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about Pelagos Insurance Capital Limit
Data as of Nov 13, 2026.