The Fidelis Partnership and Fidelis Insurance Holdings Ltd. jointly announced that Syndicate 3123 has formally begun underwriting business at Lloyd’s.
Syndicate 3123, also known as The Fidelis Partnership Syndicate, was launched by The Fidelis Partnership in collaboration with Fidelis Insurance Group, the global specialty insurer, and Hampden Agencies, the Lloyd’s members’ agent and largest provider of private capital to Lloyd’s.
The sponsorship of this syndicate by The Fidelis Partnership marks the return of its Founder and Chief Executive Officer Richard Brindle to the Lloyd’s market after 26 years. The Fidelis Partnership first announced it had received in-principle approval from Lloyd’s to launch a syndicate in March.
The Fidelis Partnership Syndicate has an initial target to write $180 million of gross written premium (GWP) in the second half of 2024 and $450 million in 2025, underwriting across multiple insurance and reinsurance classes including contract frustration and political risk, credit, property catastrophe, political violence, marine, and aviation.
“I’m delighted that The Fidelis Partnership Syndicate is now in a position to start underwriting, representing the largest ever launch of a names-sponsored syndicate in Lloyd’s,” commented Richard Brindle, CEO of The Fidelis Partnership, in a statement.
“We have made a long-term strategic commitment to the Lloyd’s market and are pleased to now be writing business. Being active in Lloyd’s will enable The Fidelis Partnership to write a broader set of risks for more clients in more jurisdictions, while also benefiting from Lloyd’s’ global licences, brand and capital structure,” according to Daniel O’Connell, active underwriter of The Fidelis Partnership Syndicate.
“We are excited to enter Lloyd’s through our participation in The Fidelis Partnership Syndicate. Unlocking new opportunities through Lloyd’s extensive global licenses and strong ratings this syndicate further enhances our capital and underwriting strategy and broadens the footprint of our business,” commented Dan Burrows, CEO of Fidelis Insurance Group.
The managing agent for Syndicate 3123 is Asta, the third-party managing agent at Lloyd’s.
About The Fidelis Partnership and Fidelis Insurance Group
The Fidelis Partnership is a privately-owned, Bermuda-based managing general underwriter, which, through its subsidiaries, underwrites property, bespoke and specialty insurance and reinsurance products.
Bermuda-based Fidelis Insurance Group is a global specialty insurer, leveraging strategic partnerships to offer tailored insurance solutions.
Source: Fidelis Partnership and Fidelis Insurance Holdings
Topics Excess Surplus Underwriting Lloyd's
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