Our Business Model

Our Business Model

Our differentiated business model is built around our underwriting approach, our differentiated origination strategy, broad-reaching deep relationship networks, our long-term capacity, our portfolio management services, and our bespoke technology.

Our Underwriting Approach

Richard Brindle-led teams have a 40+ year track record of underwriting excellence and outperformance, through multiple market cycles.
Our underwriting approach is built on focused, process-driven and disciplined risk selection that implements our independent view of risk.

Our Two Complementary Underwriting Segments

Fidelis Underwriting

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

Before terms are quoted, risks are considered through our twice-daily Underwriting and Marketing Conference Call (“UMCC”), a real-time, cross-functional forum. UMCC brings together underwriting, actuarial, exposure, portfolio, wording, claims and other relevant expertise to assess pricing, structure, portfolio fit and capacity allocation before a decision is made. This enables us to respond quickly while maintaining consistent underwriting discipline and portfolio-wide oversight across business lines.

By considering each opportunity through a group-wide rather than siloed lens, UMCC also identifies where TFP can provide additional products and solutions to the same client, supporting cross-selling and maximising the value of our relationships.

Pine Walk

Pine Walk is our ‘plug and play’ MGA incubator, 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 been a magnet for talent, having grown from a single cell to 18 specialist underwriting businesses, generating $1.2 billion of Written Premium in 2025 and growing at a compound annual rate of over 50% since 2017. The opportunity to access TFP group relationships to unlock growth and access key insureds and broker relationships has led to consistent outperformance of Pine Walk cells which has proven highly attractive to Pine Walk talent.

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. The strength and durability of our broker and client relationships are reflected in our strong renewal retention rates across our portfolio.

Direct

Approximately 10% of our gross written premium is originated directly from clients and an additional ~2% from local brokered business, which reflects the depth and durability of relationships we have built over more than four decades. Where most underwriters access business exclusively through the wholesale 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.

Differentiated Origination allows Fidelis Underwriting and Pine Walk:

  • Access to business not seen in London of Bermuda
  • Reduces acquisition costs by cutting out functional intermediation costs
  • Helps clients with the indigenisation of knowledge and capabilities and thereby deepens relationships

High Growth Markets

The High Growth Market (HGM) strategy was formalised in 2025 to capture the significant growth opportunity in regions outside the traditionally served insurance markets. TFP focuses on 56 HGM countries and regions, representing ~$46 trillion of GDP in 2025 with a ~13% growth estimate to ~$52 trillion by 2027. The current P&C market size in HGM markets within TFP appetite is ~$150 billion, with a 0.29% insurance penetration rate. Compared against a total global insurance penetration rate of 1.3% in the traditionally served insurance markets, we expect a significant growth in the insurance sector among HGM regions and are placing a strategic focus on expanding our presence ahead of the opportunities. The strategy is executed using two main features, Champions, and Strategic Partners.

Champions

Champions are senior members of staff with 25+ years' experience and a strong record of production and specialised relationships – we set detailed Group targets for each champion in each region including by cedant and insured. Their role is to assist TFP’s growth ambitions in HGM regions by: 

  • Sourcing new business opportunities across lines of business and geographies; 
  • Maintaining and growing strategic client relationships in specified local markets; 
  • Promoting cross-sell opportunities across both TFP and Pine Walk; 
  • Promoting differentiated origination across lines of business.

A key requirement for Champions is repeated travel to maintain relationships. Whereas many peers have cut back on travel requirements, TFP sends underwriters around the globe every month.

Strategic Partners

A strategic partner is a broker, insurer or reinsurer with a leading national or regional position who has expressed or demonstrated a desire to partner with TFP either formally or informally as a key supporter of TFP’s production objectives in a specific country or region. For many of our strategic partners we develop both inwards and outwards business to further embed the relationship. 

Portfolio Management Services

In addition to underwriting, we provide a range of portfolio and capacity management services designed to enhance returns, improve capital efficiency and support the long-term objectives of our Capacity Providers including:

  • Portfolio and Capital Optimisation: our proprietary technology informs risk allocation decisions by assessing capital utilisation and profitability in real-time, creating tailored portfolios designed for each Capacity Provider.
  • Exposure Management: We manage risk accumulations before business is bound, using live PML monitoring and real-time aggregation across products, geographies and perils. This group-wide view allows us to identify concentrations that may not be visible to a single-line underwriter and actively manage aggregate 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: Claims management is integrated into our underwriting and portfolio processes from risk inception through resolution. Claims experience and emerging insights are fed back into underwriting, pricing, exposure management and portfolio construction.

Our Proprietary Technology and AI

We see AI not simply as a productivity tool, but as a core enabler of our risk allocation model. By combining underwriting expertise, proprietary technology and workflow automation, we are creating a faster, more responsive and more scalable platform for brokers, clients and Capacity Providers.

Our technology connects the entire underwriting process, from the initial submission through pricing, exposure analysis, capacity allocation and portfolio monitoring. It improves data quality, reduces manual processing and enables our underwriters to focus more of their time on risk selection, client relationships, product development and decision-making. By identifying and eliminating needlessly repetitive tasks, it improves data quality, reduces manual processing and enables our underwriters to focus more of their time on risk selection, client relationships, product development and decision-making.

AI allows our teams to assess and quote a greater volume of opportunities, increasing deal flow across the platform without compromising underwriting discipline. This supports scalable organic growth by enabling us to deploy more capacity and write more business without a proportionate increase in operating cost.

AI enhances rather than replaces human expertise. Our systems are designed to support underwriting judgement with better information, greater consistency and a group-wide view of every opportunity.

  • FireAnt: Real-time exposure management and analytics tool. Facilitates aggregation analytics, modelling, pricing and capacity optimisation.
  • LABrador: Our algorithmic risk-allocation and portfolio-construction engine. LABrador supports allocation decisions at quote stage by assessing Capacity Provider appetite, capital utilisation, expected profitability and portfolio fit. It is also being developed to forecast future deal flow and capacity requirements, supporting business planning and capital deployment.
  • Prequel: Our underwriting workflow platform and proprietary data lake, containing risk and underwriting data dating back to our inception. Prequel provides the data foundation for FireAnt, SOLAS and our wider analytical capabilities.
  • Solas:  AI-driven ingestion of submission data directly into our systems, reducing manual effort, improving data quality and enabling underwriters to focus on risk selection and decision-making.


AI in Action and Across Our Culture

AI and automation are already delivering practical benefits across TFP. They enable teams to process high volumes of submissions quickly, maintain underwriting discipline, eliminate repetitive tasks and respond to brokers and clients at speed.

We are also working with leading brokers to connect data directly into the TFP platform, reducing duplication, improving data quality and allowing underwriters to focus on risk selection, client engagement and decision-making.

AI-powered capture of trading discussions and market intelligence strengthens collaboration and cross-selling across underwriting teams and Pine Walk cells, helping clients access the full capabilities of TFP.

This mindset runs throughout the organisation. Employees are encouraged to identify repetitive tasks, remove friction and develop better ways of working, supported by secure tools, training and recognition for innovation.

It is also reshaping underwriting careers. Graduate entrants now join TFP as Analysts rather than Underwriting Assistants, reflecting our focus on developing underwriters who combine commercial judgement, analytical capability and technological fluency.

Our objective is not simply to use AI more. It is to build an organisation in which our people, processes, data and technology reinforce one another, delivering better underwriting decisions, stronger client service and a more scalable risk allocation platform.