The MGU plans to expand 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
PEMBROKE, Bermuda: The Fidelis Partnership (“TFP”), a diversified independent Managing General Underwriter(MGU), has announced the successful completion of a refinancing deal to raise funds for expanding its business globally.
The transaction supports TFP’s growth strategy and enhances value creation for its shareholders, enabling Richard Brindle, Chairman and Group CEO, and its 400 employee shareholders to maintain their focus on driving underwriting excellence and leadership while the business will also continue to add market-leading talent. As part of its growth strategy, TFP has ambitious expansion plans including:
-Broadening 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.
-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.
Richard Brindle, Chairman and Group CEO of The Fidelis Partnership, commented, “We are delighted to have completed another landmark transaction with our close partners at Blackstone. My team and I have built the largest and most diversified independent MGU globally, operating in a complex market that more than ever needs creative underwriting for evolving risks in an increasingly multipolar world.”
This transaction was advised by Evercore Partners International LLP, Kinmont and Willkie Farr & Gallagher