The Fidelis Partnership has filed for a U.S. initial public offering, testing investor demand during a fall listing season constrained by higher bond yields and tighter financial conditions.
The specialty insurance underwriter, formally TFP Group, plans to list on the New York Stock Exchange under the ticker TFP.
The company and some existing shareholders intend to sell shares, although the filing has not yet established the final offering size or valuation.
Fidelis was established as a standalone business in 2023 following a restructuring of Fidelis Insurance.
The Bermuda-based company originates and underwrites specialty insurance across more than 150 business lines in over 140 countries. Its fee-based model generates placement and profit commissions from insurance partners.
For the six months ended June 30, the company reported net income of $127.5 million, up from $74.5 million a year earlier. Revenue increased to $407.5 million from $365.9 million.
Blackstone is among Fidelis’ shareholders. Other investors include Alfa Insurance, Capital Z Partners and Travelers Companies.
Fidelis also launched a Lloyd’s of London syndicate with Blackstone last year.
Morgan Stanley, Barclays and J.P. Morgan are among the banks underwriting the proposed listing.
The filing comes during a difficult period for the broader U.S. IPO market. Only four companies had gone public after the Labor Day holiday through Friday, according to Reuters, despite September traditionally being an active month for new listings.
Higher bond yields and tighter monetary conditions have reduced risk appetite, while prospective issuers and public-market investors have struggled to agree on valuations.
Fidelis will therefore provide another measure of whether institutional investors are willing to reopen the IPO market for profitable, established businesses even as financing conditions remain restrictive.
The next milestones will be the company’s proposed price range, offering size and investor demand once marketing begins.
