The Fidelis Partnership (TFP), a Bermuda-based risk allocator and independent managing general agent (MGA) platform, has filed a preliminary registration statement for an initial public offering (IPO) of its ordinary shares, seeking a New York Stock Exchange listing under the symbol “TFP” and opening the way to access the public equity markets.
The Form F-1, filed with the US Securities and Exchange Commission on September 25, 2026, does not yet specify the number of shares to be offered or the expected IPO price.
Existing shareholders are also offering additional shares in the IPO, but TFP said it will not receive any proceeds from those secondary sales.
For background, TFP specialises in originating, underwriting and structuring global specialty, bespoke and reinsurance risks.
The company was established in January 2023 after a strategic bifurcation of the original Fidelis Insurance business, separating the firm’s underwriting talent and origination platform from its balance-sheet capital.
Under this split structure, the underwriting and management arm became TFP, while the capital-holding balance-sheet entity became the Fidelis Insurance Group, subsequently rebranded as Pelagos Insurance Capital in May 2026.
Rather than carrying the risk on its own balance sheet, TFP operates as an asset-light MGA, allocating more than $5.4 billion in annual written premiums across more than 150 lines of business to a network of global capacity providers, including a core 10-year rolling binder agreement with Pelagos alongside several Lloyd’s syndicates.
TFP said the principal purposes of the IPO are to create a public market for its ordinary shares and provide the company and its shareholders with access to the public equity markets.
The company plans to use the net proceeds it receives, together with existing cash, cash equivalents and short-term investments, to repay an unspecified amount outstanding under its new term loan facility.
Any remaining proceeds would be used for general corporate purposes, including working capital, operating expenses and capital expenditures. The filing does not yet disclose the expected net proceeds or the amount of debt to be repaid.
In setting out the case for the business, TFP described itself as “the world’s largest independent MGA”, with its two segments, Fidelis Underwriting and Pine Walk, operating across more than 150 complex lines of business and over 140 countries.
The company also highlighted its relationships with capacity providers, saying that as of June 30, 2026, these included Pelagos Insurance Capital, two Lloyd’s syndicates, over 50 reinsurance partners and more than 15 insurance partners.
TFP said it believes the scale of its origination and underwriting platform, broker and (re)insured relationships, technology infrastructure and risk-allocation process support growth with limited incremental cost and provide operating leverage.
The company added that its mission is to be a “leading originator and allocator of (re)insurance risk”, combining underwriting with portfolio solutions powered by technology, data and artificial intelligence.
TFP said its “nimble, high-conviction approach” differentiates it from other MGAs and balance-sheet insurers and enables it to deliver strong returns for its capacity providers.
TFP reported $5.4 billion in written premiums across all capacity providers for the year ended December 31, 2025, up from $4.7 billion in 2024, alongside 10% organic revenue growth.
In a letter to prospective shareholders, Brindle said TFP’s model is best understood through its role as a risk allocator, rather than simply as an MGA.
“We call ourselves a risk allocator, but the easiest way to think about us is as a Super MGA,” he wrote.
Brindle added, “I am proud that everything we have built at The Fidelis Partnership is 100% organic and has been built thoughtfully, brick by brick, by me and my team, with no M&A.
“In a world of increasing geopolitical uncertainty, market dislocation, and volatility, TFP is built to respond when others step back.”
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