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Fidelis Partnership files for NYSE IPO under ticker TFP
The Blackstone- and Travelers-backed managing general agent said placement commissions were 86% of last year’s revenue, while profit commissions were 12%.
Fidelis Partnership, a specialty underwriting managing general agent backed by Blackstone and Travelers, has filed for an initial public offering on the New York Stock Exchange.
The company, which applied to trade under the ticker TFP, submitted an SEC Form F-1 on Friday, Sept. 25. The filing leaves the IPO price range, share count and ownership table blank for now, and both Fidelis Partnership and existing shareholders plan to sell shares.
Fidelis Partnership describes itself as the world’s largest independent managing general agent, noting it is not an insurance carrier and instead places risk for capacity providers. It also reported 622 permanent staff as of June 30, based mainly in London, Dublin and Bermuda.
The prospectus says placement commissions accounted for 86% of revenue last year, profit commissions made up 12%, and interest on premium held in trust contributed as well. The company is incorporated in Bermuda, with principal executive offices in London.