The Fidelis Partnership announces $2 billion refinancing transaction
Specialty insurance company The Fidelis Partnership announced the successful completion of a $2 billion refinancing transaction from Blackstone Credit & Insurance, Oak Hill Advisors, Barings, PNC and Barclays.
Since its bifurcation in 2023, The Fidelis Partnership has grown from $3 billion to in excess of $4.1 billion in GWP across more than 100 lines of business. This has been supported by a series of strategic initiatives over the last 18 months, including most recently establishing a new Lloyd’s syndicate, opening an Abu Dhabi office and expanding the Pine Walk platform with 5 signed MGAs.
The transaction supports TFP’s growth strategy and enhances value creation for its shareholders.
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
“We are delighted to have completed another landmark transaction with our close partners at Blackstone. 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 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. Lou Salvatore and the Blackstone team underwrote our initial debt in 2022 and, since then, we have established an important relationship built on mutual trust, I would like to thank them for their continued support.” – Richard Brindle, Chairman and Group CEO of The Fidelis Partnership.
“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.” – Lou Salvatore, Senior Managing Director at Blackstone Credit & Insurance.