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Blackstone-Backed Fidelis Partnership files for US IPO
The Hamilton, Bermuda-based underwriter said it generated $407.5 million in revenue and $127.5 million in net income for the six months ended June 30.
Insurance Journal reports that TFP Group, better known as The Fidelis Partnership, filed for a US initial public offering as the fall IPO window seeks momentum after a weak start.
The article cites surging bond yields and a tighter rate environment that have weighed on risk appetite, contributing to a valuation mismatch between issuers and buyers.
Founded by industry veteran Richard Brindle and established as a standalone business in 2023 following a transaction that bifurcated Fidelis Insurance, TFP originates and underwrites global specialty insurance across more than 150 business lines in over 140 countries.
Insurance Journal also notes that the Hamilton, Bermuda-based company reported net income of $127.5 million and revenue of $407.5 million for the six months ended June 30.