Leading specialty underwriter and risk allocator The Fidelis Partnership (TFP) has reported that it chalked up
Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of over $400m and an EBITDA margin of around 60% for the financial year ended 31 December 2025. TFP posted written premiums of $5.4bn for 2025, up from $4.7bn in 2024. The company also recorded 10% revenue growth, all of which was organic.
The firm attributed its performance to organic growth and continued expansion across its underwriting platforms.
TFP also highlighted the creation of Syndicate 2126 in partnership with Blackstone under a multi-year capacity agreement and the growth of Names-backed Syndicate 3123 to $800m in written premiums from $200m following a mid-year capital raise. TFP added that it has secured capital to support a combined $1.3bn in written premiums at Lloyd’s in 2026.
TFP’s Pine Walk MGA platform also saw robust growth, with premiums reaching $1bn across 16 cells, up from $900m across 11 cells in 2024. Five new cells were launched in 2025 across casualty, LATAM and APAC surety and structured credit, LATAM treaty reinsurance, accident and health, and alternative risk transfer. The company expects these to contribute to further growth in 2026, supported by a strong pipeline of additional cells.
TFP also expanded its leadership role within the Lloyd’s market through the creation of eight new consortia, including a data centre construction consortium with more than $250m in capacity, contributing to a broader cross-class data centre line size of $1.6bn. Additional consortia span casualty, aviation financing, satellite pre-launch, specialty reinsurance, space, asset-backed finance and contingency.
Commenting on the financial performance, TFP CEO and Executive Chairman Richard Brindle said, “We wrote $5.4bn 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 the steps we are taking to build the world’s leading independent specialty underwriter and risk allocator.”
Looking ahead, Mr Brindle said, “We have raised third-party capital to support $1.3bn 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 licensing and distribution to support profitable growth.”