TFP (TFP) investor relations material

Company overview and business model

• Operates as the world’s largest independent MGA, underwriting over 150 lines of specialty (re)insurance in 140+ countries for a panel of highly-rated, primarily long-term capacity providers.

• Business model is fee-based, earning placement and profit commissions for underwriting and portfolio management services; does not assume insurance risk on its own balance sheet.

• Two segments: Fidelis Underwriting (73% of written premium) and Pine Walk (27%), with Pine Walk serving as a ‘plug and play’ MGA platform for entrepreneurial underwriters.

• Growth has been entirely organic, with no M&A, and is supported by proprietary technology, centralized origination, and a diversified capacity provider base.

Financial performance and metrics

• Written premium grew from $3.7bn in 2023 to $5.4bn in 2025, a 49% CAGR since 2015; bound premium reached $4.9bn in 2025.

• Revenue for 2025 was $682m (10% organic growth), with net income of $141m (21% margin) and adjusted EBITDA of $411m (60% margin).

• For H1 2026, revenue was $408m (11% growth), net income $128m (31% margin), and adjusted EBITDA $245m (60% margin).

• Majority of revenue (86–90%) is from placement commissions, with profit commissions (9–12%) and fiduciary interest income (1–2%).

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to repay outstanding amounts under the new $2.04bn term loan facility, with any remainder for general corporate purposes.

• Recent refinancing replaced prior credit facilities, reducing interest margins and extending maturities to 2031–2033.