The Fidelis Partnership is planning an initial public offering of shares on the New York Stock Exchange.

The Bermudian-domiciled company, which describes itself as the world’s largest independent managing general agent, filed an F-1 registration statement with the US Securities and Exchange Commission on September 25.

TFP was founded in January 2023, as a spin-off from Fidelis Insurance Holdings, now known as Pelagos Insurance Capital.

For TFP’s chairman and chief executive, Richard Brindle, this will be the third time he has taken a Bermuda company public.

In 2005, he led Lancashire to a $1 billion IPO on the London Stock Exchange’s Alternative Investment Market. After retiring from Lancashire, he launched Fidelis in 2015. The company went on to launch its IPO in June 2023.

TFP originates and underwrites global specialty insurance across over 150 business lines in more than 140 countries. It has a fee-based business model and is paid placement and profit commissions by its partners.

The Hamilton, Bermuda-based company reported net income of $127.5 million and revenue of $407.5 million for the six months ended June 30, compared with $74.5 million net income and $365.9 million revenue a year earlier.

In the calendar year 2025, TFP generated written premium of nearly $5.39 billion, up from $4.67 billion in 2024.

TFP last year launched a new syndicate at Lloyd's of London in partnership with Blackstone, the world's largest alternative asset manager.

The firm and some of its backers plan to sell shares in the IPO. Besides Blackstone, TFP's shareholders include Alfa Insurance, Capital Z Partners and Travelers Companies.

Morgan Stanley, Barclays and JP Morgan are among the underwriters. TFP will list on the NYSE under the symbol “TFP.”

The company plans to use IPO proceeds primarily to repay debt under its new term loan facility and for general corporate purposes.

The filing includes a letter to prospective shareholders from Mr Brindle, in which he states: “We call ourselves a risk allocator, but the easiest way to think about us is as a Super MGA.”

He also pointed out the success of the company’s Bermudian-based MGA platform, Pine Walk.

“We recognised early the value of placing entrepreneurial underwriters in the right setting to focus on origination, and underwriting. That is why we established Pine Walk in 2017 as ‘plug-and-play’ MGA platform with immediate dedicated capacity on Day 1 and structured liquidity.

“Pine Walk has been a magnet for talent, growing to 18 cells with $1.6 billion of written premium, and we believe we are now recognised as the home of choice for entrepreneurial underwriters in our industry.”