Our Business Model

Our Business Model

Our differentiated business model is built around Our Underwriting Approach, our Differentiated Origination Strategy, our Capacity and Our Value Add Services and Technology.

Our Underwriting Approach

Richard Brindle-led teams have a 40+ year track record of underwriting excellence and outperformance, through multiple market cycles.

This underwriting track record has been built over decades across cycles, classes and geographies. Our underwriting approach is built on focused, process-driven and disciplined risk selection that implements our independent view of risk. It is led by our underwriting teams, who are actively supported by our pricing and actuarial teams, with integrated data and insights from our proprietary technology systems.

Our Two Underwriting Platforms

Fidelis Underwriting

Fidelis Underwriting is our larger underwriting segment, operating across three complementary pillars: Specialty, Bespoke and Reinsurance.

Risks written through the Fidelis Underwriting segment are peer reviewed by the daily Underwriting and Marketing Conference Call (“UMCC”). UMCC discussions drive underwriting performance by validating pricing, structure, and portfolio impacts, with standardized acceptance criteria across lines – allowing us to go to market faster, while preserving underwriting discipline and portfolio-wide oversight in a way that no single-line underwriter can replicate.

Pine Walk

Pine Walk is our ‘plug and play’ MGA platform, founded in 2017 to attract established and entrepreneurial underwriters looking to build their own businesses with the support of TFP. We provide Pine Walk teams (or ‘cells’) with day-one access to capacity, our proprietary technology stack, group-wide broker and client relationships, and a full suite of operational services.

Since inception, Pine Walk has grown from a single cell to 16 specialist underwriting businesses by the end of 2025, generating $1.2 billion of Written Premium and growing at a compound annual rate of over 50% since 2017.

Our Products

Differentiated Origination Strategy

Brokered

TFP focuses on complex, lines of (re)insurance risk where the majority of business is conducted through brokers. Our relationships with the world's leading brokers are among our most valuable assets — built over more than four decades and maintained through a genuine commitment to being the most relevant and responsive market for any risk of note across our pillars. We manage those relationships at a group level, presenting brokers with a single, comprehensive platform rather than a series of disconnected conversations, meaning we are better placed to support brokers on complex, multi-class risks as well as cross-selling multiple solutions.

Direct

Approximately 10% of our gross written premium is originated directly from clients, which reflects the depth and durability of relationships we have built over more than four decades. Where most underwriters access business exclusively through the broking market, our direct relationships give us access to complex risks that are not available to most competitors, the ability to shape solutions before they reach the open market, and the opportunity to act as a genuine partner.

Portfolio Management Services

In addition to underwriting we provide a range of value add services for our Capacity Providers including:

  • Portfolio and Capital Optimization: our proprietary systems inform risk allocation decisions by assessing capital utilization and profitability in real-time, creating tailored portfolios designed for each Capacity Provider.
  • Exposure Management: we proactively manage risk accumulations at the time of underwriting across business lines that others wouldn't see through live PML monitoring and real-time aggregation of exposures.
  • Outwards Reinsurance Purchasing and Structuring: our lead market position provides visibility across entire project pipelines, enabling us to structure reinsurance transactions effectively and provide substantial capacity across multiple lines.
  • Claims Handling: our claims handling processes are embedded directly into underwriting workflows, ensuring seamless coordination from risk inception through claims resolution.

Our Bespoke Technology

FireAnt

Real-time exposure management tool.  Facilitates aggregation analytics, modelling, pricing and capacity optimization.

Labrador

Algorithmic risk allocation to clients.  Real time portfolio construction.

Prequel

Underwriting workflow platform with data lake of risks going back to our inception that feeds our FireAnt analytics.

Solas

AI ingestion of submission data into our systems.  Drastically reduces manual touchpoints, improving data accuracy and maximizing efficiency of the underwriters.