The Fidelis Partnership completes $2bn refinancing transaction led by Blackstone

The Fidelis Partnership has completed a “landmark” $2 billion refinancing transaction from Blackstone Credit & Insurance, Oak Hill Advisors, Barings, PNC and Barclays.

According to the firm, the transaction will support its growth strategy and enhance value creation for its shareholders.

Richard Brindle, Chairman and Group CEO of The Fidelis Partnership, commented, “We are delighted to have completed another landmark transaction with our close partners at Blackstone.

“When I founded Fidelis in 2015, I don’t think any of us could have anticipated the success we would achieve over the course of the following decade. I have been operating in the market for 40 years and The Fidelis Partnership is by far the most exciting part of my career.

“My team and I have built the largest and most diversified independent MGU globally, operating in a complex market that more than ever needs creative underwriting for evolving risks in an increasingly multipolar world.”

Brindle continued, “The confidence shown by our valued partners validates our business model and underscores the exceptional growth we have delivered as TFP since our creation in January 2023.

“Lou Salvatore and the Blackstone team underwrote our initial debt in 2022 and, since then, we have established an important relationship built on mutual trust, I would like to thank them for their continued support.”

Lou Salvatore, Senior Managing Director at Blackstone Credit & Insurance, added, “We have been highly impressed by the strong growth and operating performance that TFP has demonstrated since our initial involvement to support its bifurcation.

“We are thrilled to continue our collaboration with Richard Brindle and the team at TFP, and believe this transaction exemplifies our focus on taking lead roles in financing large-scale solutions to support world-class businesses and helping them grow.”

Since its bifurcation in 2023, The Fidelis Partnership has grown from $3 billion to in excess of $4.1 billion GWP across more than 100 lines of business.

This has been supported by a series of strategic initiatives over the last 18 months, including most recently establishing a new Lloyd’s syndicate in just ten weeks, opening an Abu Dhabi office, and expanding the Pine Walk platform with 5 signed MGAs.

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