Bermuda-based The Fidelis Partnership (TFP) has announced that it would broaden its reach in the Middle East, Africa, Asia, and Latin America, all of which have increasing demand for specialist (re)insurance solutions, enhanced by Lloyd's licensing and TFP's new Abu Dhabi office.
The announcement was made in connection with TFP completing a landmark $2bn refinancing deal consisting of a unitranche debt investment and revolving credit facility led by Blackstone Credit & Insurance. Other participants in the facility are Oak Hill Advisors, Barings, PNC, and Barclays.
The transaction supports TFP’s growth strategy and enhances value creation for its shareholders. Apart from broadening its reach, TFP’s expansion plans include:
• Expanding the Pine Walk platform, by recruiting top underwriters to establish niche underwriting cells within the platform, which is expected to grow to $1bn+ of GWP in 2025
• Leveraging The Fidelis Partnership Syndicate 3123’s licensing, credit rating, access to Lloyd’s only markets, and additional capacity
• Upsizing in lines of business where TFP is currently underweight versus the market opportunity.
Growth
In a statement, TFP said that it grew from $3.0bn to over $4.1bn in GWP across more than 100 lines of business since its bifurcation in 2023. In January last year, Fidelis Insurance Holdings (FIHL) completed a transaction creating a new Managing General Underwriter (Fidelis MGU), separate from FIHL and the existing insurance companies (the Fidelis Insurance Group).
TFP’s growth over the last 18 months was supported by a series of strategic initiatives, including establishing a new Lloyd’s syndicate, opening an Abu Dhabi office, and expanding the Pine Walk platform with five signed MGAs.
Mr Richard Brindle, chairman and Group CEO of TFP, said, “My team and I have built the largest and most diversified independent MGU (Managing General Underwriter) globally, operating in a complex market that more than ever needs creative underwriting for evolving risks in an increasingly multipolar world.
“The confidence shown by our valued partners validates our business model and underscores the exceptional growth we have delivered as TFP since our creation in January 2023.”
TFP is a leading privately-owned MGU, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty insurance and reinsurance products. TFP is one of the largest MGUs globally and its operations also include ceded reinsurance, claims handling, exposure management, and portfolio analytics. TFP also sponsors and incubates specialist MGAs through its Pine Walk platform.
Blackstone Credit & Insurance Blackstone Credit & Insurance is one of the world’s leading credit investors. BXCI also provides investment management services for insurers.