Our History
Our History
Fidelis Insurance was founded in 2014 by Richard Brindle, commenced underwriting in 2015 and was built from day one around a philosophy of disciplined, market-leading underwriting across Specialty, Bespoke and Reinsurance pillars.
The Fidelis Partnership was established in January 2023 following the completion of a transaction that saw the original Fidelis bifurcated into a high-growth, highly diversified MGA platform and risk allocator, called The Fidelis Partnership; and an insurance company, known initially as the Fidelis Insurance Group and subsequently rebranded to Pelagos Insurance Capital in May 2026.
Since 2015, we have grown our Written Premium at a compound annual rate of approximately 49%. Our growth has been entirely organic in nature, relying on the creativity, expertise and drive of our teams, and the compelling offering to talented underwriters rather than acquisitions.
This growth has been driven by our underwriting track record, deep relationships with brokers, insureds and Capacity Providers, differentiated risk analysis and allocation capabilities, the continued expansion of Pine Walk, and our successful entry into the Lloyd's market through Syndicate 3123 and Syndicate 2126.
TFP is a go-to lead market when dislocation creates demand for meaningful capacity and innovative solutions. Following major losses, existing insurers may reduce line sizes, withdraw from accounts or become slower to respond. Our underwriting expertise, broad product capability and access to flexible capacity allow us to step in quickly, structure solutions and deploy meaningful lines—often at materially improved terms. In 2025, we wrote approximately $400 million of post-loss business, generally at elevated pricing.
Our ability to capture these opportunities is enhanced by the breadth of our platform. We operate across more than 150 lines of business and over 140 countries, supported by an expanding geographic footprint and deep relationships with the world’s leading brokers, clients and Capacity Providers. This gives us visibility across markets and enables us to connect clients with multiple products and solutions across the wider TFP and Pine Walk ecosystem.
These same strengths drive consistently high levels of new business. Product expansion, geographic growth, strategic relationships and group-wide cross-selling generating double digit organic growth and strong retention rates. This demonstrates the strength of our distribution, the relevance of our offering and our ability to compound organic growth across an increasingly broad platform These same strengths drive consistently high levels of new business. Product expansion, geographic growth, strategic relationships and group-wide cross-selling continue to broaden our opportunity set. This growth is supported by strong renewal retention rates across our portfolio, reflecting our service levels, responsiveness, the meaningful capacity we provide and the value we bring to brokers and clients. As we cross-sell more products across the TFP and Pine Walk ecosystem, these relationships become increasingly embedded, creating a durable renewal base on which new business can compound.
Our financial performance has been exceptional, with EBITDA margins consistently over 60% and compound annual entirely organic revenue growth of 20% with no M&A since our formation in 2023. Our Adjusted (2) EBITDA for 2025 was over $411 million and is clean with minimal adjustments.
1.This is a non-GAAP financial measure. Organic Revenue is defined as total revenue determined in accordance with U.S. GAAP, adjusted to remove impact of any acquisitions or divestitures. Organic revenue growth is defined as the year-over-year growth in Organic Revenue. As of today, and for the relevant periods presented herein, we have not completed any relevant acquisitions or divestitures, therefore our Organic Revenue and Organic Revenue Growth are equal to our total revenue and total revenue growth(2) We define Adjusted EBITDA as Net Income (the most directly comparable U.S. GAAP financial measure) before (i) interest expense, net, (ii) income tax expense / (benefit), (iii) depreciation, (iv) amortization, and (v) stockbased compensation expenses and further adjusted for other non-cash or non-reoccurring items including, (i) other (income) / expense, net, (ii) net (gain) / loss on equity securities, (iii) share in Syndicate (income) / loss and (iv) interest income.