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, specia
lty and bespoke lin
es, 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 a
sset 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 it
s cornerstone support for TFP’s 2024 refinancing and equity investme
nt 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 target
ed $300 million in GWP from Syndicate 2126 in 2026, TFP will get the
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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 Llo
yd’s. We’ve done this, and I’m delighted to now be announcing our part
nership 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 re
markable achievement,” he added. “Our expanding Lloyd’s pr
esence 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 prici
ng 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 partne
rship is a validation of both TFP’s capabilities and the attractiveness of Lloyd’s to blue-chip capital,” he added.