The Fidelis Partnership announces landmark $2bn refinancing transaction led by Blackstone Credit & Insurance

Upsized unitranche debt investment and revolving credit facility from Blackstone Credit & Insurance, Oak Hill Advisors, Barings, PNC and Barclays reflects significant growth of The Fidelis Partnership

 

The Fidelis Partnership (“TFP”) is pleased to announce the successful completion of a landmark refinancing.

This transaction marks a further significant milestone for The Fidelis Partnership. Since its bifurcation in 2023, The Fidelis Partnership has grown from $3.0bn to in excess of $4.1bn GWP¹ across more than 100 lines of business. This has been supported by a series of strategic initiatives over the last 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 5 signed MGAs.

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 (re)insurance 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 $1bn+ 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 Group CEO of The Fidelis Partnership, commented: “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.

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.”

Lou Salvatore, Senior Managing Director at Blackstone Credit & Insurance, said: “We have been highly impressed by the strong growth and operating performance that TFP has demonstrated since our initial involvement to support its bifurcation. We are thrilled to continue our collaboration with Richard Brindle and the team at TFP, and believe this transaction exemplifies our focus on taking lead roles in financing large-scale solutions to support world-class businesses and helping them grow.”

 

This transaction was advised by Evercore Partners International LLP, Kinmont and Willkie Farr & Gallagher (UK) LLP.

_{[1] Represents Fidelis Insurance Group’s Gross Premiums Written (“GWP”) for the 12 months ended 30 June 2024}