TFP Group (The Fidelis Partnership), a global managing general agent (MGA) of specialty insurance and reinsurance, filed on Friday with the SEC to raise up to what we estimate could be $350 million in an initial public offering.
Through its two operating segments, Fidelis Underwriting (73% of LTM written premiums) and Pine Walk (27%), the company originates specialty and bespoke insurance and reinsurance, and underwriters across more than 150 lines of business across more than 140 countries. Founded in January 2023 from the split of Fidelis Insurance, TFP Group claims to be the world's largest independent MGA. The company originates its business through wholesale brokers, retail brokers, local brokers, and direct insured and reinsured relationships. Most of TFP Group's revenue comes from placement commissions derived from the origination and underwriting of insurance and reinsurance on behalf of its providers.
The other company split from predecessor Fidelis Insurance, Pelagos Insurance Capital (PLGO; +71% from its IPO price) raised $210 million in a June 2023 NYSE listing.
The London, United Kingdom-based company was founded in 2023 and booked $723 million in revenue for the 12 months ended June 30, 2026. It plans to list on the NYSE under the symbol TFP. TFP Group (The Fidelis Partnership) filed confidentially on May 22, 2026. Morgan Stanley, Barclays, J.P. Morgan, Deutsche Bank, Dowling & Partners, Keefe Bruyette Woods, Citizens JMP, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
