The Fidelis Partnership completes expanded $2bn refinancing

Managing general underwriter The Fidelis Partnership has completed a $2 billion refinancing, which it plans to use to expand around the world and to expand its managing general agency platform. 

The Bermuda-based MGU, which separated from Fidelis Insurance last year, said the was led by by Blackstone Credit & Insurance and consisted of an upsized unitranche debt investment and revolving credit facility. It is supported by Oak Hill Advisors, Barings, PNC and Barclays.

TFP said its expansion plans include: 

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

“We are delighted to have completed another landmark transaction with our close partners at Blackstone,” said Richard Brindle, chairman and group CEO of TFP. “When I founded Fidelis in 2015, I don’t think any of us could have anticipated the success we would achieve over the course of the following decade. 

“I have been operating in the market for 40 years and The Fidelis Partnership is by far the most exciting part of my career. 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.”

The company said it had grown from $3 billion to more than $4.1billion gross written premium across more than 100 lines of business since its bifurcation from Fidelis Insurance. 

“This has been supported by a series of strategic initiatives over the last 18 months, including most recently establishing a new Lloyd’s syndicate in just ten weeks, opening an Abu Dhabi office and 

Lou Salvatore, senior managing director at Blackstone Credit & Insurance, said: “We have been highly impressed by the strong growth and operating performance that TFP has demonstrated since our initial involvement to support its bifurcation. 

“We are thrilled to continue our collaboration with Richard Brindle and the team at TFP, and believe this transaction exemplifies our focus on taking lead roles in financing large-scale solutions to support world-class businesses and helping them grow.”

 This transaction was advised by Evercore Partners International LLP, Kinmont and Willkie Farr & Gallagher (UK) LLP.

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