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)
