The Fidelis Partnership, a privately owned, Bermuda-domiciled managing general underwriter, has reported gross written premium (GWP) growth of 29% across the group to $4.6 billion for full year 2024.
Group-wide, GWP increased from the $3.6 billion in 2023, with Fidelis Insurance Group’s GWP hitting $4.4 billion, up 23% year on year.
Additionally, The Fidelis Partnership Syndicate 3123, which commenced underwriting business at Lloyd’s in July last year, reported GWP of $0.2 billion, based on the first six months of trading.
The Pine Walk MGA platform also showed continued strong growth reporting GWP of $0.9 billion. During the year, the MGA launched three new cells, Novagen, Seraphina, and Silverflame Re, taking the total MGAs to 11.
Fidelis explained its results also reflect an “acceleration of BRICS+ strategy to broaden geographic footprint, including the opening of Abu Dhabi office and launch of international property MGA Seraphina,” as well as the landmark $2 billion refinancing in October 2024, led by Blackstone.
Richard Brindle, Executive Chairman and Chief Executive Officer, The Fidelis Partnership, said, “As we announce our results today, I am proud to reflect on a year of significant strategic progress for The Fidelis Partnership. The growth we achieved across our two underwriting platforms at The Fidelis Partnership and Pine Walk on behalf of our main capacity providers Fidelis Insurance Group, 60+ quota share reinsurance partners and our newly launched Syndicate, demonstrates how our commitment to providing underwriting leadership is more relevant than ever.
“We continue to build on our shared success, building the largest and most diversified independent MGU globally. In 2024 we successfully delivered a number of key strategic initiatives, including completing a landmark $2bn refinancing transaction, launching a new Lloyd’s Syndicate, with $0.2 billion written for 2024 and continued growth plans for 2025, and broadening our reach internationally.”
He continued, “The momentum we have built over the past year positions us for strong future growth. In a world that is increasingly complex and fraught with risks, the importance of sophisticated insurance solutions cannot be overstated. Our continued expansion, including the successful launch of new cells within the Pine Walk platform and our strategic entry into Abu Dhabi as part of our BRICS+ strategy, ensures that we are not only meeting the demands of today but also anticipating the challenges of tomorrow.
“These developments exemplify our leadership and our dedication to addressing the evolving needs of our clients and broker partners, who, more than ever, need our creative underwriting in an increasingly dynamic and multipolar world. We are committed to being at the forefront of this essential industry, providing the coverage and claims service that our clients need to navigate an ever-changing landscape, while continuing to add market-leading talent. I look forward to 2025 and beyond with confidence.”
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