Key Highlights

● TFP Group filed an F-1 for a planned IPO on the NYSE under the ticker TFP.

● The company describes itself as the world's largest independent managing general agent, based on its own review.

● TFP reported $682 million in 2025 revenue, $141 million in net income, and a 60% adjusted EBITDA margin.

● The filing leaves the share count and IPO price range blank, standard for a preliminary F-1.

TFP Group Ltd (proposed NYSE:TFP), the Bermuda-incorporated parent of Fidelis Underwriting and Pine Walk, filed a Form F-1 on September 25, 2026 for a planned initial public offering on the New York Stock Exchange under the ticker TFP, describing itself as the world's largest independent managing general agent while leaving its share count and price range blank for now.

What the Company Does

TFP operates through two segments. Fidelis Underwriting, which the filing says accounts for 73% of written premium, handles complex specialty insurance risks. Pine Walk, responsible for the remaining 27%, is described as a "plug and play" MGA platform hosting 18 entities that support entrepreneurial underwriting teams. Together, the filing says TFP underwrites across "over 150 lines of business" in "more than 140 countries," working with capacity providers that include Pelagos Insurance Capital, Lloyd's syndicates, and more than 50 Reinsurance partners. That breadth of capacity relationships is central to the MGA model, since TFP relies on those third-party providers to actually hold the underwriting risk it places.

The "World's Largest" Claim, With a Caveat

TFP's F-1 states the company believes it is "the world's largest independent MGA," based on "estimates and third-party sources ranking global MGAs by 2024 annual revenue." The filing is careful to add a qualifier, however, acknowledging that "no third-party reports ranking independent MGAs were commissioned by us," meaning the ranking claim rests on the company's own review of available data rather than an independent, company-commissioned study designed specifically to test it. Prospective investors reading the claim should treat it as the company's own characterization rather than a verified, third-party-audited ranking.

Financial Snapshot and Unset Terms

For 2025, the filing discloses $682 million in revenue, $141 million in net income, and a 60% adjusted EBITDA margin. Beyond those historical figures, the prospectus leaves the specific IPO terms undetermined: it states TFP "is offering [blank] Ordinary Shares and the selling shareholders identified," and that "it is currently estimated that the initial public offering price will be between $[blank] and $[blank]" -- placeholders that are standard in a preliminary F-1 filed before a company and its underwriters set final pricing closer to the actual offering date.

Use of Proceeds Deferred

The filing reserves its discussion of how proceeds will be used for a dedicated "Use of Proceeds" section, which the document indicates begins on page 89 of the prospectus, rather than summarizing allocation plans in the filing's front matter. That is a common structure in F-1 filings, where high-level company description and risk factors appear early, and financial mechanics like proceeds allocation, dilution tables and Capitalization appear later in the document.

Structure and Market Position

As an MGA, or managing general agent, TFP underwrites and manages insurance Business on behalf of capacity providers rather than bearing the underwriting risk directly on its own Balance Sheet the way a traditional insurer does, a model that has grown across the specialty insurance market as Capital providers seek underwriting expertise without building it in-house. Because TFP does not itself carry the ultimate insurance risk, its Economics are typically driven more by fee and commission income tied to the premium it places than by underwriting losses directly.

Filling In the Blanks Ahead of Pricing

Because share count and price range remain blank in this filing, watch for an amended F-1 or a final prospectus that fills in those terms as the IPO process advances. Investors should also watch for SEC comment and review of the filing, a standard step before an IPO prospectus is declared effective and shares can actually be sold to the public on the NYSE under the TFP ticker.