Fidelis launches new Lloyd’s syndicate with backing from Blackstone
The Fidelis Partnership (TFP) has announced the launch of Syndicate 2126 with backing from Blackstone, expanding its footprint in the Lloyd’s of London market just 18 months after entering.
The new syndicate followed in-principle approval from Lloyd’s and will be managed alongside Fidelis’ existing Syndicate 3123.
Blackstone has committed dedicated three-year capacity to back the new syndicate, which is targeting $300m (£228m) of premium in its first year.
Syndicate 2126 will write across property, speciality and bespoke lines, including business reinsured through its Pine Walk MGA platform.
Peter Welton was named Active Underwriter of Syndicate 2126, subject to regulatory approval.
Blackstone will also handle asset management responsibilities for the syndicate’s capital.
This development was built on Blackstone’s prior investment in The Fidelis Partnership’s 2024 refinancing.
Fidelis said its Lloyd’s strategy aimed to match capital with opportunity in a “disciplined, profitable” manner.
Combined gross written premium across Syndicates 3123 and 2126 is expected to exceed $1.3bn (£988m) in 2026.
Fidelis described this milestone as a rapid scale-up in London underwriting from a “standing start” in 2024.
Fidelis continues to expand
The Fidelis Partnership is a privately-owned Bermuda-based managing general underwriter specialising in property, specialty and bespoke insurance and reinsurance.
Through its Pine Walk platform, it incubates and sponsors MGAs regulated in the UK. The Fidelis Partnership is one of the largest MGUs globally and operates independently of Fidelis Insurance Group.
“When we launched Syndicate 3123, we said TFP would be bringing underwriting leadership and innovation to Lloyd’s,” said Richard Brindle, chairman and group CEO of The Fidelis Partnership.
“We’ve done this, and I’m delighted to now be announcing our partnership with Blackstone to launch Syndicate 2126.
“In 2026 we’ll become one of the largest players in Lloyd’s from a standing start circa 18 months ago – this is a remarkable achievement.
“Our expanding Lloyd’s presence complements our cornerstone relationship with Fidelis Insurance Group as we continue to grow at pace while delivering strong returns for our capital providers.
“Blackstone is the world’s largest alternative asset manager, and their continued partnership with us is testament to the qualities of TFP as a true lead underwriter.
“Since returning to Lloyd’s, we have led on over 95 per cent of our lines, brought meaningful and diversified new business into the market and helped drive pricing and term improvements to support sustainable underwriting through the cycle.
“This new syndicate will build on this leadership while helping us bring new opportunities into Lloyd’s.
“This partnership is a validation of both TFP’s capabilities and the attractiveness of Lloyd’s to blue-chip capital.
Qasim Abbas, Head of Tactical Opportunities International at Blackstone, said: “We have been impressed by TFP’s clear focus on underwriting excellence and sustainable growth.
“We believe the Lloyd’s market offers an opportunity to deliver strong and uncorrelated returns, complementing our wider asset portfolio.
Lou Salvatore, Senior Managing Director at Blackstone Credit & Insurance, added: “This builds on our successful history together and underscores our commitment and shared vision for innovation in the Lloyd’s market.”