TFP Group, also known as The Fidelis Partnership, has filed confidentially with the SEC for an initial public offering that could raise an estimated $350 million. The London-based company is a global managing general agent specializing in specialty insurance and reinsurance, operating across more than 150 lines of business in over 140 countries.
Company Background
TFP Group operates through two segments: Fidelis Underwriting, which accounted for approximately 73% of last-twelve-month written premiums, and Pine Walk, which accounted for the remaining 27%.
The company originates specialty and bespoke insurance and reinsurance products across a broad range of business lines and geographic markets. It distributes its business through wholesale brokers, retail brokers, local brokers, and direct relationships with insureds and reinsurers.
Founded in January 2023 following the split of Fidelis Insurance, TFP Group describes itself as the world’s largest independent MGA. Most of its revenue comes from placement commissions generated through the origination and underwriting of insurance and reinsurance on behalf of its capacity providers.
TFP Group generated $723 million in revenue for the 12 months ended June 30, 2026.
IPO Details
TFP Group plans to list on the NYSE under the symbol TFP. Based on the proposed transaction, the IPO is estimated to raise approximately $350 million, although the company has not disclosed final pricing terms.
The company 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 serving as joint bookrunners.
The proposed offering follows the earlier public-market separation of another company from predecessor Fidelis Insurance. Pelagos Insurance Capital raised $210 million in a June 2023 NYSE listing.
Market Context & Opportunities
TFP Group’s business spans specialty insurance and reinsurance markets across more than 140 countries. Its broad underwriting platform covers more than 150 lines of business, allowing the company to originate both specialty and bespoke insurance products.
The MGA structure enables TFP Group to originate and underwrite business on behalf of insurance and reinsurance providers while generating revenue primarily through placement commissions.
The company’s scale, with $723 million in revenue over the latest 12-month period and operations across two segments, provides the foundation for its proposed entry into the U.S. public markets.
Risks & Challenges
TFP Group operates across a large number of insurance and reinsurance lines and international markets, exposing its business to differing market conditions across geographic regions and specialty insurance categories.
The company was also established relatively recently, in 2023, following the separation of Fidelis Insurance. Its public-market history is therefore limited compared with more established insurance organizations.
Final IPO terms have not yet been disclosed, including the number of shares to be offered and the final pricing range. The estimated $350 million deal size could therefore change as the company progresses toward its listing.
Closing Paragraph
TFP Group is preparing for a potential $350 million NYSE IPO, bringing one of the world’s largest independent MGAs to the U.S. public markets. With operations spanning more than 150 lines of specialty insurance and reinsurance across over 140 countries, the company has built a broad international underwriting platform since its formation in 2023. Its proposed listing under TFP will provide investors with access to a specialized insurance business as the company moves toward formally disclosing its IPO terms.
