The Fidelis Partnership

What The Fidelis Partnership does

The Fidelis Partnership (TFP) is a Bermuda-headquartered, privately-owned managing general underwriter founded in 2015 and separated from Fidelis Insurance Group in January 2023. The company underwrites specialty, bespoke, and reinsurance business through three pillars, operating as a risk allocator that places capital on behalf of capacity providers including Pelagos Insurance Capital (under a 10-year rolling binder), Lloyd's Syndicates 3123 and 2126, and multiple quota share partners. In the year ended December 31, 2025, TFP generated $5.4 billion in written premium (up 10% organically from $4.7 billion in 2024), split between $4.2 billion of Fidelis Underwriting written premium and $1.2 billion through its Pine Walk MGA platform, which hosts 17 business units. The firm employs 565 permanent staff across offices in Bermuda (headquarters), London, Dublin (EU hub since December 2025), Abu Dhabi (MEASA hub since 2024), New York, and Miami.

TFP's underwriting operations are supported by a proprietary integrated technology stack: Prequel for centralized submission logging, Jarvis as the group-wide data infrastructure layer, Tyche for capacity provider perspective modeling, and FireAnt for pricing, analytics, and portfolio optimization. The firm has invested in AI-enabled workflow automation through Broker Connect, an ACORD ADEPT-integrated platform developed with Howden that automates broker submissions and data exchange. Distribution operates through three channels: Lloyd's market (Syndicates 3123 with Fitch AA- rating, and 2126 backed by Blackstone with $300 million capacity), the Pine Walk MGA platform sponsoring specialist underwriting cells, and direct broker relationships managed through dedicated head offices. Revenue is generated through insurance and reinsurance premiums, MGA platform fees and sponsorship, and portfolio management services, with the firm positioned as lead underwriter on 96% of written premium attributable to Fidelis Underwriting.

Name

The Fidelis Partnership

Legal name

Fidelis Marketing Limited

Website

https://fidelispartnership.com

Company type

Private

Founded year

2015

Operating status

Operating

Short description

The Fidelis Partnership is a Bermuda-headquartered managing general underwriter writing specialty, bespoke, and reinsurance business across global markets, distributing through Lloyd's syndicates, the Pine Walk MGA platform, and direct broker relationships on behalf of multiple capital providers.

Ownership category

akta.pro rank

Product category

Specialty and Reinsurance Underwriting

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industries

Insurance-Dedicated Multi-Manager Platforms (e.g., ILS / Cat Bond FoF) (FSAHAKAK), Insurance Due Diligence & Transaction Risk Advisory (M&A, W&I) (FSAEADAM)

Keywords

• Specialty insurance underwriting
• Reinsurance risk allocation
• Managing general underwriter
• Bespoke insurance solutions
• Lloyd's syndicate underwriting

Headquarters

HQ city

Pembroke

HQ country

Bermuda

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance and Reinsurance Premiums: The company generates revenue primarily through underwriting insurance and reinsurance premiums across specialty, bespoke, and reinsurance lines. Written premium represents the premium underwritten for all capacity providers on a year of account basis. Revenue is generated from policy issuance across multiple classes including property, casualty, specialty lines, and reinsurance treaties.
2. MGA Platform Fees and Sponsorship: Pine Walk MGA platform provides operational and regulatory framework to MGAs. The firm sponsors select MGAs by taking lines with those that enhance portfolio risk. Revenue derived from capacity provision and administrative services to MGA cells.
3. Portfolio Management Services: Provision of market-leading services including outwards reinsurance, claims handling, exposure management, portfolio analytics, and compliance. These services are provided to capacity providers and quota share partners.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

The Fidelis Partnership underwrites and distributes specialty, bespoke, and (re)insurance solutions on behalf of multiple capital providers through Lloyd's Syndicates 3123 and 2126 and the Pine Walk MGA platform, writing $5.4 billion in premium across property, casualty, energy, marine, aviation, space, political violence, surety, and asset-backed finance lines. The firm also delivers portfolio management services including outwards reinsurance, claims handling, exposure management, and analytics to capacity providers and quota-share partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Lloyd's Syndicate 3123 A Lloyd's syndicate underwritten through TFP, providing specialty, property, and bespoke lines to global insurance and reinsurance clients with Pelagos Insurance Capital and Hampden Agencies Names-backed capacity, rated AA- (Very Strong) by Fitch.
• Lloyd's Syndicate 2126 A Lloyd's syndicate backed by Blackstone-managed capital writing property, specialty, and bespoke (re)insurance globally and providing institutional capacity within TFP's risk allocator model.
• Pine Walk MGA Platform A sponsored MGA platform providing operational framework, regulatory infrastructure, capacity, and back-office support to 17 specialty underwriting cells including Radius, Oakside, Tiomanta, Perigon, Navium, OPEnergy, Pernix, Itasca, Novagen, Seraphina, Silverflame Re, Sevanta, Arenite, Imala Re, Corsiam, Carnovis Specialty, and Mezura Capital Partners. Pine Walk generated $1.2 billion of written premium in 2025.
• Mezura Capital Partners Bermuda-based capital solutions business within Pine Walk that delivers strategic capital solutions to insurers and reinsurers, including legacy, structured, and capital-relief transactions.
• PVT (War, Terror and Political Violence) Consortium A consortium-led insurance solution addressing heightened war, terror, and political violence demand driven by Middle East conflict, providing multi-syndicate capacity for crisis management risks.
• Helix Consortium (AI Infrastructure Cargo Cover) A consortium insurance product providing transit and storage cover for AI infrastructure (data server) cargo, combining Overhaul's real-time monitoring with multi-syndicate Lloyd's capacity.
• Woody Re 2026-1 Catastrophe Bond A catastrophe bond providing Syndicate 3123 with indemnity-based reinsurance protection against North American perils including named storms, earthquakes, severe thunderstorms, winter storms, and wildfires.
• AI Data Centre Construction Consortium A construction consortium providing capacity for AI data centre build-out risks, combining capital from Pelagos and TFP's Lloyd's syndicates to address the estimated $5-11 billion annual premium opportunity for AI data centre risks.
• Specialty Insurance Underwriting Specialty insurance coverage delivered through TFP's own books and Pine Walk MGAs across multiple lines including property D&F, energy, marine, aviation, space, surety, political risk, crisis management, asset-backed finance, and accident & health.
• Reinsurance Underwriting Reinsurance and retrocession products covering catastrophe reinsurance, property reinsurance, specialty reinsurance, and specialty insurance lines, with a 96% leadership position in specialty reinsurance writing.
• Bespoke (Re)Insurance Solutions Bespoke (re)insurance solutions for sophisticated clients requiring structured, non-standard risk transfer across asset-backed finance, political risk, structured credit, mortgage indemnity, tax indemnity, surety, and emerging exposures.
• Fidelis MEASA Treaty Reinsurance Treaty reinsurance solutions for the GCC/MENA region covering proportional bouquets, whole account XOL, catastrophe XOL, and structured layers, underwritten through the Fidelis MEASA hub in Abu Dhabi.
• Broker Connect (AI-enabled broker submission platform) AI-enabled platform that automates pre-bind broker submissions and streamlines structured data exchange between brokers and underwriters using ACORD ADEPT, accelerating submission processing and data quality.

Quantifiable outcome

• 10% revenue growth in 2025, all organic
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability7 records

Feature6 records

Partnerships

16 partnerships are on record, tiered major, core and minor.

• Gallagher RemajorChannel Partner/ Reseller/ Distributor · 26 June 2026Gallagher Re's Arthur Re Ltd. platform issued the $75 million Woody Re 2026-1 catastrophe bond for Syndicate 3123, providing its first-ever cat bond reinsurance protection. The bond covers named storms, earthquakes, severe thunderstorms, winter storms, and wildfires in North America over a three-year term to June 2029. Notes priced at 8.25% risk spread (low-end of guidance), marking the third cat bond from the platform featuring new sponsors.
• Guy CarpentercoreChannel Partner/ Reseller/ Distributor · 4 June 2026Guy Carpenter placed the PVT (war, terror, and political violence) Consortium for The Fidelis Partnership, bringing together leading Lloyd's syndicates including Argenta alongside TFP's own syndicates 3123 and 2126. The Consortium went live June 1, 2026, with capacity of $47.5 million per risk in Middle East and $345 million per risk globally, addressing market dislocation from Middle East conflict.
• OverhaulmajorStrategic or Co-development Partner · 2 June 2026Navium Marine (operating through The Fidelis Partnership's Pine Walk platform) partnered with Overhaul to launch the Helix Consortium, a Lloyd's-backed insurance solution for AI infrastructure cargo. The consortium combines Overhaul's real-time cargo monitoring technology with Lloyd's underwriting capacity from 12 syndicates, providing transit cover up to $75 million and storage cover up to $25 million per contract.
• ArgentacoreChannel Partner/ Reseller/ Distributor · 1 June 2026Argenta joined TFP's PVT Consortium alongside Syndicates 3123 and 2126. The consortium addresses heightened demand and market dislocation from Middle East conflict, with capacity of $47.5 million per risk in Middle East and $345 million per risk globally.
• HowdencoreTechnology or Integration · 18 May 2026Howden is the first broking partner to go live on Broker Connect, TFP's AI-enabled platform that automates pre-bind submission processes. The platform uses ACORD ADEPT integration for structured data exchange and digital workflows, eliminating manual processes and reconciliation issues. Howden previously placed the PVT Consortium and collaborated on Broker Connect development as part of TFP's AI integration strategy.
• Mezura Capital PartnersminorStrategic or Co-development Partner · 9 April 2026Mezura Capital Partners, headquartered in Bermuda, is Pine Walk's 17th business unit offering strategic capital solutions for insurers and reinsurers. Led by Shireen Gammoh (formerly of Howden Re's Legacy & Structured Solutions team), subject to regulatory approvals.
• AI Data Centre Construction Consortium PartnersmajorStrategic or Co-development Partner · 8 March 2026TFP launched a construction consortium targeting AI data centre expansion risks with initial capacity of $250 million combining capital from Fidelis Insurance Group and Syndicate 3123. Additional capacity from Blackstone-backed Syndicate 2126 expected from January 2026. Total cross-class TFP Data Centre line size reaches $1.6 billion.
• Lloyd'scoreChannel Partner/ Reseller/ DistributorLloyd's provides the market platform for TFP's Syndicates 3123 and 2126, offering strong global distribution network, universally recognized brand power, and leading credit ratings (Syndicate 3123: Fitch AA- Very Strong). TFP leverages Lloyd's rating and global licensing to support profitable growth.
• Hampden AgenciescoreChannel Partner/ Reseller/ DistributorHampden Agencies, the largest provider of private capital to Lloyd's, partnered in the launch of Syndicate 3123 alongside Pelagos Insurance Capital. Hampden provides access to Names-backed capital for the syndicate.
• RadiusminorChannel Partner/ Reseller/ DistributorRadius underwrites specialty treaty reinsurance and retro excess of loss programmes covering Cyber, Political Violence, Nuclear, and Personal Accident lines. One of 16 MGAs on the Pine Walk platform.
• OaksideminorChannel Partner/ Reseller/ DistributorOakside specializes in construction industry surety bonds, building lasting relationships with brokers and clients. One of 16 MGAs on the Pine Walk platform.
• TiomantaminorChannel Partner/ Reseller/ DistributorTiomanta underwrites upstream and midstream energy (re)insurance risks with focus on energy transition to greener portfolios. One of 16 MGAs on the Pine Walk platform.
• Navium MarineminorChannel Partner/ Reseller/ DistributorNavium offers insurance across full range of Marine classes, pioneering new approaches to risk selection and loss management. Recently partnered with Overhaul to launch Helix Consortium for AI infrastructure cargo. One of 16 MGAs on the Pine Walk platform.
• SevantaminorChannel Partner/ Reseller/ DistributorSevanta Specialty Liability Limited is an international casualty MGA writing business on primary and excess basis across global portfolio. Launched in 2025 as Pine Walk's casualty MGA. One of 16 MGAs on the Pine Walk platform.
• Imala ReminorChannel Partner/ Reseller/ DistributorImala Re is a Miami-headquartered Latin American and Caribbean property, motor, and marine reinsurance MGA. Launched as Pine Walk cell in 2025 as part of TFP's US expansion. One of 16 MGAs on the Pine Walk platform.
• AreniteminorChannel Partner/ Reseller/ DistributorArenite writes surety reinsurance and non-payment credit insurance throughout Latin America and Asia-Pacific. Launched as part of TFP's differentiated distribution strategy targeting faster-growing insurance markets. One of 16 MGAs on the Pine Walk platform.

Scale indicators17 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Beazley plc: Lloyd's-listed specialty insurer writing property, marine, political risks, cyber, and specialty treaty lines, closely mirroring TFP's three-pillar (Specialty, Bespoke, Reinsurance) structure and lead-market positioning at Lloyd's.
• Hiscox Ltd: Bermuda- and Lloyd's-listed specialty insurer with comparable specialty lines (marine, energy, political risk, A&H) and a London Market platform analogous to TFP's Syndicate 3123/2126 model.
• Lancashire Holdings: Bermuda-based specialty insurer where TFP Chairman/CEO Richard Brindle previously served as Chief Executive; writes property, energy, marine, and aviation specialty lines with comparable lead-market underwriting style.
• Convex Group: Bermuda- and Lloyd's-based specialty insurer founded by industry veterans, writing property, marine, and specialty lines through a capital-allocator model comparable to TFP's Pelagos-backed structure.
• Aspen Underwriting: Lloyd's and Bermuda specialty insurer (now under Apollo ownership) writing property, marine, energy, aviation, and specialty lines with a comparable London Market platform.
• Markel International: Specialty insurer at Lloyd's writing marine, energy, aviation, and credit/political risks; comparable in its specialty underwriting breadth and London Market positioning.
• Arch Insurance: Lloyd's and Bermuda specialty insurer writing property cat, marine, energy, and specialty treaty lines, overlapping directly with TFP's Pine Walk MGA cells and Syndicate portfolios.

Broad incumbents

• Munich Re: World's largest reinsurer with broad specialty and treaty operations overlapping TFP's reinsurance pillar; serves as a capacity-provider benchmark for institutional capital deployed via Lloyd's.
• Swiss Re: Large global reinsurer competing in specialty reinsurance and property catastrophe, providing a public-market benchmark for the reinsurance portfolio that generates 96% lead share for TFP.
• AXA XL: Global specialty P&C insurer and reinsurer with Lloyd's market platform; a destination employer for several TFP senior hires (e.g., Peter Welton, Michael Davern), making it both a competitor and a talent source.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fidelis-partnership

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Fidelis Partnership