The Fidelis Partnership (TFP) has reported $5.4 billion in written premiums across all capacity providers for the year ended 31 December 2025, up from $4.7 billion in 2024, with 10% organic revenue growth.
Richard Brindle, Executive Chairman and CEO of TFP, hailed his firm’s outstanding growth in 2025 as a testament to the strength of its team, the commitment of its capacity providers, and the need for high-conviction, creative underwriting in today’s complex risk landscape.
Another key performance indicator highlighted by TFP was its EBITDA, which exceeded $400 million in 2025, alongside an EBITDA margin of approximately 60%.
TFP’s Pine Walk MGA platform momentum also reportedly continued in 2025, growing to $1 billion of premium across 16 cells.
Five cells launched in 2025 across Casualty, LATAM and APAC Surety & Structured Credit, LATAM Treaty Reinsurance, Accident & Health and Alternative Risk Transfer.
TFP said it has a 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.
“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,” Brindle added.
He continued, “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.”
Brindle concluded, “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.”
