The Fidelis Partnership has priced a $2.04 billion Term Loan B, replacing a unitranche facility held with a group of private credit lenders. The move cuts TFP's cost of debt by 225 basis points.
The new facility is priced at SOFR plus 2.75 percent, down from SOFR plus 5 percent on the existing unitranche. With the secured overnight financing rate at approximately 3.62 percent as of August 13, according to the New York Federal Reserve, the new all-in rate is approximately 6.37 percent. The previous facility carried approximately 8.62 percent at the same reference rate.
TFP said the transaction is expected to close in August, subject to customary closing conditions.
The shift from private credit to the broadly syndicated loan market is what made the rate reduction possible. Unitranche facilities combine senior and subordinated debt into a single instrument held by a concentrated group of lenders. They typically price at higher spreads than syndicated loans placed into the public institutional market.
TFP's previous unitranche was held by Blackstone Credit and Insurance, Barings, Oak Hill, and other financing partners.
To access the Term Loan B market, TFP needed public credit ratings. The three agencies assigned Ba3 (Moody's, stable), BB- (Fitch, positive), and B+ (S&P, positive).
Ba3 and BB- are equivalent ratings in the same sub-investment-grade band on their respective scales. S&P's B+ sits one notch lower. All three agencies cited TFP's underwriting track record and financial profile in their assessments.
TFP reported written premium of $5.4 billion for the year ended December 31, 2025, all through organic growth. Revenue rose 10 percent and EBITDA exceeded $400 million at a margin of approximately 60 percent, according to the company's March results. The firm operates across more than 150 lines of business in 140 countries.
At Lloyd's, TFP's two syndicates are targeting approximately $1.3 billion in combined written premium in 2026. Syndicate 3123, backed by Names capital, wrote $0.8 billion in 2025, up from $0.2 billion in 2024. Syndicate 2126, launched in late 2025 with capacity from funds managed by Blackstone, is targeting approximately $300 million in its first full year.
The Pine Walk specialist MGA platform has grown to 18 underwriting cells and approximately $1.2 billion in written premium in 2026. TFP said the lower debt cost will support further expansion across Lloyd's and Pine Walk. The firm has also flagged the Middle East, Africa, Asia, and Latin America as priority growth markets.
Brindle said the refinancing shows the confidence of institutional debt investors and rating agencies in TFP's future. He described TFP as the world's largest independent MGA.
Third-party analysis, including Insuramore's 2024 global MGA rankings, identifies other groups ahead of TFP by revenue. TFP's own earlier public communications described it as one of the largest MGUs globally.
TFP was established in January 2023 following the bifurcation of Fidelis Insurance Holdings. The Fidelis Partnership serves as the managing general underwriter. Fidelis Insurance Group, which listed on the New York Stock Exchange in 2023, operates as its primary capital provider through a 10-year rolling binder.
The capital provider now trades under the name Pelagos Insurance Capital.
