Blackstone-backed insurance underwriter The Fidelis Partnership files for US IPO

Sept 25 — Insurance underwriter TFP Group, better known as The Fidelis ​Partnership, filed for a US initial public offering on Friday, as the fall IPO window looks ‌to gain momentum after a tepid start.

Expectations for a quick start to ⁠the fall IPO window ​have failed to materialize as ⁠surging bond yields and a tightening rate environment ‌weigh on risk ‌appetite. Just four companies have gone public in September, ⁠typically a strong month ⁠for the IPO market.

Founded by industry veteran Richard Brindle, TFP was established as a standalone business in 2023 following a deal that saw Fidelis Insurance bifurcated into separate entities.

The Hamilton, Bermuda-based company originates and ‌underwrites global specialty insurance across over ​150 business lines.

TFP reported net income of $127.5 million on revenue of $407.5 million for the six months ended June 30, compared with net income of $74.5 million on revenue of $365.9 million a year earlier.

The firm last year launched a new syndicate at Lloyd's of London ​in partnership with Blackstone , the world's largest alternative asset manager.

TFP ‌and some of ‌its ⁠existing shareholders plan to sell shares in the offering. Besides Blackstone, TFP's backers include Alfa Insurance, Capital Z Partners, and Travelers Companies.

Morgan Stanley, Barclays, and J.P. Morgan ‌are among the underwriters. ​TFP will list on the ‌NYSE under the ⁠symbol "TFP."

(Reporting by ​Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar and ​Maju Samuel)

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