A privately owned, Bermuda-headquartered managing general underwriter has completed what it called a landmark refinancing.

The Fidelis Partnership called it a further significant milestone.

Since its 2023 bifurcation in 2023, it has grown from $3 billion to in excess of $4.1 billion in its gross written premium across more than 100 lines of business.

TFP said this has been supported by a series of strategic initiatives over the past 18 months, including most recently establishing a new Lloyd’s syndicate in just ten weeks, opening an Abu Dhabi office and expanding the Pine Walk platform with five signed MGAs.

The statement added: “The transaction supports TFP’s growth strategy and enhances value creation for its shareholders, enabling Richard Brindle, chairman and group CEO, and its 400 employee shareholders to maintain their focus on driving underwriting excellence and leadership while the business will also continue to add market-leading talent.

“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 [insurance and reinsurance] 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 more than $1 billion 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“

Richard Brindle, chairman and TFP group CEO, said: “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.”