Blackstone-backed insurance underwriter The Fidelis Partnership files for US IPO

Sept 25 (Reuters) - Insurance ‌underwriter TFP Group, ​better ​known as The Fidelis Partnership, filed for a US initial public offering on Friday, ‌as the fall IPO window looks to gain ⁠momentum after a tepid start.

Expectations for a quick start to the ‌fall IPO window have ‌failed to materialize as surging bond yields and a tightening rate environment weigh on risk appetite. Just ​four companies have gone public in September, typically a strong month for the IPO market.

Founded by industry ⁠veteran Richard Brindle, TFP was established as a standalone business in 2023 ​following a deal that saw Fidelis Insurance bifurcated into separate entities.

The Hamilton, Bermuda-based company originates ​and underwrites global specialty insurance ‌across over 150 business lines.

TFP reported net income of $127.5 million on revenue of $407.5 million ⁠for the six months ended June 30, compared with net income of $74.5 million on revenue of $365.9 million a year earlier.

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

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

Morgan Stanley, Barclays, and J.P. Morgan are among ⁠the underwriters. TFP will ‌list on the NYSE ​under the symbol "TFP."

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar and Maju ‌Samuel)

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