Fidelis Partnership Prices $2.04B Refinancing
The Fidelis Partnership [TFP] today announced the “successful pricing of a $2.04 billion refinancing, replacing its existing unitranche facility with a new senior secured Term Loan B facility.”
A spokesperson said, “The Transaction improves TFP’s financial flexibility by significantly reducing TFP’s cost of debt to SOFR + 2.75% [previously SOFR + 5%] and providing access to blue chip institutional investors in the public debt markets. The Transaction represents a further milestone in TFP’s evolution and reflects the strength and maturity of its business model, long-term growth prospects and expanding market position.
“The refinancing is accompanied by TFP’s inaugural public credit ratings of Ba3 [Stable] from Moody’s, BB- [Positive] from Fitch and B+ [Positive] from S&P, providing independent validation of TFP’s underwriting track record, financial profile and disciplined approach to growth.
“Since its last refinancing in 2024, TFP has continued to execute against its strategy at pace:
- “Written Premium increased to $5.4 billion in 2025, supported by entirely organic growth
- “TFP now underwrites across more than 150 lines of business in 140 countries, supported by a highly diversified and scalable origination platform and multiple long-term capital partnerships
- “The cornerstone of its underwriting capacity is the 10 year rolling binder relationship with Pelagos Insurance Capital, that provides visibility over future growth and enables TFP to focus on underwriting, origination and product innovation. This is complemented by TFP’s continued expansion of its complementary Lloyd’s platforms, including the launch and scaling of Syndicates 3123 backed by sticky Names capital and 2126 backed by Blackstone, which together support approximately $1.3 billion of premium in 2026
- “Pine Walk has continued its development as a leading destination and magnet for entrepreneurial underwriting talent, growing to 18 specialist underwriting cells and approximately $1.2 billion of Written Premium
Richard Brindle, Founder, Chairman and Group CEO of The Fidelis Partnership, commented: ”This transaction is another important milestone in TFP’s journey. In just over three years since our inception post the bifurcation, we have built a diversified risk allocator which is the world’s largest independent MGA, growing entirely organically across 150 lines of business and 140 countries while continuing to expand our distribution, talent base and capacity partnerships.
“The success of this refinancing, alongside our inaugural public credit ratings, reflects the strength of the business we have built and the confidence that blue chip institutional debt investors and rating agencies have in our future. We remain at an exciting stage of our development, with significant opportunities ahead across Lloyd’s, Pine Walk, High Growth Markets expansion and product innovation.
“I would like to thank our existing debt investors – Blackstone, Barings, Oak Hill and our broader financing partners for their continued support and belief in TFP.”
A spokesperson added, “We expect the Term Loan B to close in August 2026, subject to customary closing conditions.”
