The Fidelis Partnership Surpasses Expectations with Robust Growth
The Fidelis Partnership, a privately-owned managing general underwriter headquartered in Bermuda, has announced an impressive 29% surge in gross written premiums (GWP) across the group, reaching a total of $4.6 billion for the fiscal year 2024.
Expansion Across Key Platforms
The group-wide GWP soared from $3.6 billion in 2023 to $4.4 billion at Fidelis Insurance Group, marking a 23% increase. Additionally, the Fidelis Partnership Syndicate 3123, which began underwriting at Lloyd’s in July of the previous year, recorded a GWP of $0.2 billion within its first six months of operation.
Pine Walk MGA Platform’s Continued Success
The Pine Walk MGA platform also demonstrated remarkable growth, reporting a GWP of $0.9 billion. Throughout the year, the platform introduced three new cells: Novagen, Seraphina, and Silverflame Re, thereby extending its total MGAs to 11.
Accelerating BRICS+ Strategy and Key Initiatives
Fidelis highlighted its results as a reflection of its strategic acceleration under the BRICS+ initiative, broadening its geographic footprint with the opening of an Abu Dhabi office and the launch of the international property MGA, Seraphina. This follows a landmark $2 billion refinancing in October 2024, spearheaded by Blackstone.
Leadership Commentary
Richard Brindle, Executive Chairman and CEO of The Fidelis Partnership, remarked, “Reflecting on our results today, I take pride in the significant strategic strides achieved by The Fidelis Partnership this year. The expansion across our underwriting platforms and Pine Walk, on behalf of our chief capacity providers, Fidelis Insurance Group, 60+ quota share reinsurance partners, alongside our newly established Syndicate, underscores the ongoing relevance of our commitment to underwriting excellence.”
He added, “We are persistently building on our collective success, establishing the largest and most diversified independent MGU globally. In 2024, we accomplished numerous strategic milestones, including completing a historic $2 billion refinancing transaction, launching a new Lloyd’s Syndicate with $0.2 billion in premiums for 2024, and setting the stage for continued growth into 2025. Our international expansion, particularly our strategic entry into Abu Dhabi as part of our BRICS+ strategy, positions us to meet today’s demands while anticipating future challenges.”
Future Outlook and Commitment to Innovation
“The momentum we have cultivated over the past year sets us up for robust future growth,” Brindle explained. “In a world increasingly marked by complexity and risks, the necessity for sophisticated insurance solutions is undeniable. Our expansion, including the successful launch of new cells within the Pine Walk platform, testifies to our leadership and dedication to addressing the evolving needs of our clients and broker partners. We are committed to leading this essential industry, providing coverage and claims services that enable our clients to navigate an ever-changing landscape, all while continuously attracting top industry talent. As we look forward to 2025 and beyond, we do so with confidence.”
