The Fidelis Partnership writes $5.4bn in GWP following an outstanding year of organic growth

Leading specialty underwriter and risk allocator, The Fidelis Partnership (“TFP”) is today pleased to announce a trading update for the year ended 31 December 2025.


2025 Key Performance Indicators and Strategic Highlights

  • Key performance indicators:
    • Written premium1 of $5.4 billion (2024: $4.7 billion) across all capacity providers
    • 10% revenue growth, all of which was organic growth
    • EBITDA of over $400 million and an EBITDA margin of circa 60%


  • Built on our success at Lloyd’s, with another landmark year:
    • Creation of Syndicate 2126 in partnership with Blackstone in a multi-year capacity agreement
    • Significant growth in the Names-backed Syndicate 3123 to $0.8 billion of written premium (2024: $0.2 billion) following a mid year capital raise
    • Raised capital to support a total of $1.3 billion of written premium at Lloyd’s in 2026

 

  • Pine Walk MGA platform momentum continued, growing to $1.0 billion of premium2 across 16 cells (2024: $0.9 billion; 11 cells):
    • Five cells launched in 2025 across Casualty, LATAM and APAC Surety & Structured Credit, LATAM Treaty Reinsurance, Accident & Health and Alternative Risk Transfer
    • Full-year premium contributions from 2025 launches provide natural growth into 2026 in large new markets
    • Strong pipeline of new cells for 2026, with leading underwriters attracted to Pine Walk’s comprehensive proposition that includes day 1 capacity across multiple capacity providers, structured day 1 liquidity and a wrapper of services allowing underwriters to focus on underwriting and distribution

 

  • TFP’s leadership expertise demonstrated in the creation of eight new consortia in Lloyd’s with TFP as lead:
    • Including an innovative Data Centre Construction Consortium with over $250 million of capacity contributing to a cross class TFP Data Centre line size of $1.6 billion, as well as consortia across Casualty, Aviation Financing, Satellite pre-launch, Specialty Reinsurance, Space, Asset Backed Finance and Contingency

 

  • Continued to build momentum in our differentiated distribution strategy, which includes us targeting clients in faster growing insurance markets:
    • Launched first US office in Miami with Imala Re, a Pine Walk cell targeting Latin American reinsurance market
    • Launched Arenite, a Pine Walk cell writing Surety & Structured Credit business in Latin America and Asia-Pacific  

 

  • Successfully relocated EU headquarters to Dublin in December 2025

 

  • The Fidelis Foundation now supports over 40 charities across TFP’s international locations, making a meaningful and lasting impact in communities around the world with 1% of annual EBITDA contributed to the Fidelis Foundation in 2025



Richard Brindle, Executive Chairman and CEO of The Fidelis Partnership, said: “The Fidelis Partnership’s outstanding growth in 2025 is testament to the strength of our team, the continued commitment of our capacity providers and the critical need for high-conviction, creative underwriting in today’s complex risk landscape. We wrote $5.4 billion of written premium across all capacity providers, with Fidelis Insurance Group continuing to be our key capital partner through our 10-year rolling binder. I am proud of the growth we have achieved across our two underwriting platforms, Fidelis Underwriting and Pine Walk, and on the steps we are taking to build the world’s leading independent specialty underwriter and risk allocator.

 

“Throughout 2025, TFP acted with speed and leadership to capitalise on evolving market conditions, seize emerging growth opportunities, and unlock capacity where it was needed most. Our innovative data centre solution – bringing $1.6 billion of cross-class capacity, including over $250 million through our landmark Data Centre Construction Consortium – embodies these commitments, while also demonstrating the leadership and innovation that TFP is bringing to the Lloyd’s market. 

 

“Our organic growth has been extraordinary. Since 2024 it has been supplemented by our return to Lloyd’s with the launch of Syndicate 3123, which today is one of the largest Names-backed syndicates. In addition, we have successfully launched a second syndicate, Syndicate 2126, in partnership with Blackstone on a multi year basis. We have raised third-party capital to support $1.3 billion of premium between our syndicates in 2026 and it’s only the beginning of an exciting journey ahead as we capitalise on the Lloyd’s rating, global licencing and distribution to support profitable growth.

 

“We have also meaningfully scaled and diversified TFP’s global presence through our differentiated distribution strategy and the launch of five new Pine Walk MGAs across multiple markets and geographies.

 

“At its heart, TFP is a business that moves fast, solves problems dynamically, and embraces uncertainty to help clients navigate a world that is more complex than ever. Backed by this unwavering philosophy and the industry’s brightest talent, we are excited to build on our remarkable momentum in 2026.” 

1 Written premium represents the premium underwritten by TFP on a year of account basis. Written premium includes estimates based on information received from insureds, brokers and cedants, and includes reinstatement premiums received

2 Reflects bound premium, which is the premium written as the underlying premium is bound. It includes estimates for underlying attachments for certain types of contracts, such as business written through facilities, binders or quota shares, and includes reinstatement premiums received