Fidelis Partnership launches Blackstone-backed Lloyd’s syndicate

The Fidelis Partnership (TFP) has launched a new Lloyd’s syndicate, backed by funds managed by Blackstone, following in-principle approval from Lloyd’s.

Syndicate 2126 will target around $300m in gross written premium next year, expanding TFP’s role as a capital allocator within the Lloyd’s market.

The move builds on the re/insurance firm’s existing Syndicate 3123, which is expected to write about $1bn in 2026.

Combined, the two syndicates will give TFP capacity to write more than $1.3bn of premium next year, the company revealed.

The new syndicate will write property, specialty and bespoke business, including through TFP’s Pine Walk MGA platform and via reinsurance of existing Fidelis group operations.

Peter Welton has been appointed active underwriter of Syndicate 2126.

Blackstone will provide dedicated three-year capacity and manage the assets, with the syndicate portfolio structured around the investor’s risk appetite.

Capital will be deployed via London Bridge 2, further supporting the use of the Lloyd’s risk transformation platform, TFP said.

The launch builds on an established relationship between TFP and Blackstone, which provided cornerstone support for TFP’s 2024 refinancing and equity investment.

Richard Brindle, chairman and group CEO of The Fidelis Partnership, said the launch marked rapid progress for the group’s Lloyd’s ambitions.

“When we launched Syndicate 3123, we said TFP would be bringing underwriting leadership and innovation to Lloyd’s,” Brindle said.

“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.

“Blackstone’s continued partnership with us is testament to the qualities of TFP as a true lead underwriter,” he added.

Qasim Abbas, head of tactical opportunities international at Blackstone, said the Lloyd’s market offered attractive diversification potential.

“We have been impressed by TFP’s clear focus on underwriting excellence and sustainable growth,” he said. “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, said the launch marked “an exciting new chapter” in the firms’ collaboration.

“It builds on our successful history together and underscores our shared vision for innovation in the Lloyd’s market,” he added.