The Fidelis Partnership Spearheads New Lloyd’s Syndicate

The Fidelis Partnership today announced that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Limited (NYSE:FIHL) (“Fidelis Insurance Group”), a global specialty insurer, and Hampden Agencies, the largest provider of private capital to Lloyd’s. The sponsorship of Syndicate 3123 by The Fidelis Partnership marks the return of its Founder and Chief Executive Officer, Richard Brindle, to the Lloyd’s market after 26 years.

Subject to the completion of final approval, the launch of Syndicate 3123 will represent a significant milestone in The Fidelis Partnership’s strategic expansion, and reflects its continued alignment and strong collaborative relationship with the Fidelis Insurance Group. With an initial target to write $180 million of Gross Written Premium (GWP) in H2 of 2024 and $450 million in 2025, Syndicate 3123 will underwrite across multiple insurance and reinsurance classes including contract frustration and political risk, credit, property catastrophe, political violence, marine, and aviation.

Daniel O’Connell will be appointed as the Active Underwriter of Syndicate 3123. Mr. O’Connell brings extensive specialty underwriting experience and is currently serving in the role of Head of Bespoke for The Fidelis Partnership.

The syndicate will be managed at formation with support from Asta, the leading third-party managing agent at Lloyd’s.

Richard Brindle, CEO of The Fidelis Partnership, said: “Our new syndicate will bring underwriting leadership, innovation, and flexibility. It will build on Lloyd’s position as the world’s leading insurance marketplace.

Private capital remains highly relevant in insurance; we are therefore delighted to partner with Fidelis Insurance Group and also with Hampden Agencies, to bring this new capacity into the market. This allows us to access more business and write risks on behalf of a broader range of clients in more jurisdictions leveraging Lloyd’s global licences, recently-upgraded financial strength rating and capital structure. We are looking forward to embarking on this next step of our journey of innovation and collaboration, all while we continue to set new standards of excellence in the industry.”