Managing general underwriting platform The Fidelis Partnership (TFP) has finalised a US$2 billion refinancing transaction led by Blackstone Credit & Insurance, with contributions from Oak Hill Advisors, Barings, PNC, and Barclays.
The increased unitranche debt investment and revolving credit facility follows TFP’s 2023 bifurcation – MGU HoldCo, the holding company for TFP, is separate from Fidelis Insurance Group owner Fidelis Insurance Holdings Limited (FIHL) – and is part of its strategic growth plan.
Initially called Fidelis MGU, TFP came to life last year as a new managing general underwriter that’s not part of FIHL. It has since grown, in terms of gross written premium, from US$3 billion to more than US$4.1 billion.
With the refinancing, TFP chair and group chief executive Richard Brindle (pictured) and the company’s roughly 400 employee shareholders seek to strengthen the firm’s footprint in the Middle East, Africa, Asia, and Latin America.
Brindle’s camp also plans to expand the Pine Walk platform by onboarding expert underwriters to create niche underwriting cells, aiming for over US$1 billion in GWP by 2025; leverage the licensing, credit rating, and market access of Syndicate 3123 at Lloyd’s to unlock further opportunities; and increase presence in sectors where the company sees underutilised potential.
“I have been operating in the market for 40 years, and The Fidelis Partnership is by far the most exciting part of my career,” the CEO shared when the “landmark transaction” was announced.
“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.”
Brindle added: “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.”
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