The Fidelis Partnership (TFP), a Bermuda-based managing general underwriter, has closed a $2bn refinancing deal aimed at facilitating its expansion plan.
This unitranche debt investment as well as revolving credit facility was led by Blackstone Credit & Insurance, with contributions from Barings, Oak Hill Advisors, PNC and Barclays.
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Since its bifurcation last year, TFP has seen its gross written premium (GWP) soar from $3bn to more than $4.1bn up to 30 June 2024, spread across more than 100 business lines.
This growth trajectory has been supported by a series of strategic initiatives, implemented over the past 18 months period.
These initiatives include the rapid establishment of a new Lloyd’s syndicate, the launch of a new office in Abu Dhabi and the expansion of the Pine Walk platform, which now includes five signed managing general agents.
The refinancing deal further reinforces TFP’s plans to enhance shareholder value and support its growth strategy, which will allow TFP chairman and group CEO Richard Brindle, along with his team of nearly 400 employee shareholders, to continue their focus on underwriting.
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By GlobalDataTFP’s expansion plans are not limited to its recent achievements with the company also looking to expand its presence in emerging markets such as the Middle East, Africa, Asia and Latin America, with a growing demand for specialist reinsurance solutions.
The new licensing through Lloyd’s and the Abu Dhabi office are expected to play a pivotal role in this expansion.
Furthermore, TFP is set to grow the Pine Walk platform by attracting top underwriters, who will help in creating niche underwriting cells as part of the platform.
This move is projected to see the platform reach more than $1bn in GWP by next year.
TFP also plans to capitalise on the licensing and credit rating of TFP Syndicate 3123, as well as its exclusive access to Lloyd’s markets and additional capacity, to scale up in business lines where it sees untapped market potential.
A team of legal and financial advisors including Evercore Partners International, Kinmont and Willkie Farr & Gallagher (UK) assisted TFP on this transaction.
TFP chairman and group CEO Richard Brindle said: “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.”
