The Fidelis Partnership Launches 2nd Lloyd’s Syndicate, Backed by PE Firm Blackstone

The Fidelis Partnership (TFP) announced the launch of Syndicate 2126 in partnership with funds managed by Blackstone, the alternative asset manager and private equity company, following in-principle approval from Lloyd’s.

The syndicate will write across a number of property, specialty and bespoke lines, including through Pine Walk (the TFP’s MGA incubation platform), as well as reinsurance of existing TFP group business.

Peter Welton has been appointed as the active underwriter of Syndicate 2126, subject to regulatory approval.

Syndicate 2126 will launch with dedicated three-year capacity from Blackstone, which will also be responsible for asset management. The syndicate portfolio has been tailored to the investor risk appetite.

This builds on TFP’s deep existing relationship with Blackstone through its credit & insurance business, including its cornerstone support for TFP’s 2024 refinancing and equity investment in TFP. Capital will be deployed via London Bridge 2, which further validates this risk transformation platform for the Lloyd’s market.

TFP’s existing Syndicate 3123 is expected to write approximately $1 billion of gross written premiums (GWP) in 2026. In combination with the additional targeted $300 million in GWP from Syndicate 2126 in 2026, TFP will get the necessary capacity to accelerate its profitable underwriting growth across attractive classes of business, the company said.

Combined, TFP plans to write over $1.3 billion in total in 2026 across the two syndicates.

“When we launched Syndicate 3123, we said TFP would be bringing underwriting leadership and innovation to Lloyd’s. We’ve done this, and I’m delighted to now be announcing our partnership with Blackstone to launch Syndicate 2126,” commented Richard Brindle, chairman and Group CEO of The Fidelis Partnership.

“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,” he added. “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.”

He described Blackstone as the world’s largest alternative asset manager. “[T]heir continued partnership with us is testament to the qualities of TFP as a true lead underwriter.”

Since launching Lloyd’s Syndicate 3123 in July of 2024, TFP has led on over 95% of its lines, and helped drive pricing and term improvements to support sustainable underwriting through the cycle, Brindle said.

“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,” he added.

“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,” according to Qasim Abbas, head of Tactical Opportunities International at Blackstone.

Lou Salvatore, senior managing director at Blackstone Credit & Insurance, said: “This marks an exciting new chapter in our partnership with TFP. It builds on our successful history together and underscores our commitment and shared vision for innovation in the Lloyd’s market.”

About The Fidelis Partnership

The Fidelis Partnership is a leading privately-owned, Bermuda-headquartered managing general underwriter, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty re/insurance products. TFP also sponsors and incubates specialist MGAs through its Pine Walk Capital Ltd. platform as appointed representatives of Pine Walk. The Fidelis Partnership is separately owned and managed from the ownership and management of Fidelis Insurance Group.

Source: The Fidelis Partnership

Topics Excess Surplus Lloyd's