Fidelis Partnership Syndicate begins underwriting at Lloyd’s
The Fidelis Partnership together with Fidelis Insurance Holdings Ltd has confirmed that Syndicate 3123 has formally begun underwriting business at Lloyd’s.
The Fidelis Partnership Syndicate was launched by The Fidelis Partnership in collaboration with the Fidelis Insurance Group, a global specialty insurer, and Hampden Agencies, the 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 Syndicate has an initial target to write $180 million of gross written premium 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.
Mr Brindle said: “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.
“We have embraced the vision John Neal, Patrick Tiernan and their team have for Lloyd’s, to further cement its place as a lead market and a price maker, and this shared enthusiasm has enabled us to move at pace, since we announced the launch.
“During a period when the world is becoming more risky and less certain, thought leadership is more relevant than ever. In keeping with The Fidelis Partnership ethos, we have set out growth plans that will enable us to meaningfully expand our footprint in Lloyd’s over time.”
Daniel O’Connell, active underwriter of The Fidelis Partnership Syndicate, said: “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.
“We look forward to engaging closely with our brokers and bringing our underwriting capability and capacity to Lloyd’s.”
Dan Burrows, CEO of Fidelis Insurance Group, said: “We are excited to enter Lloyd’s through our participation in The Fidelis Partnership Syndicate.
“Unlocking new opportunities through Lloyd’s extensive global licences and strong ratings this syndicate further enhances our capital and underwriting strategy and broadens the footprint of our business.
“We look forward to continuing our strong relationship with The Fidelis Partnership in this endeavour as we leverage our combined expertise and proactively manage and allocate capital to support profitable new underwriting opportunities.”
Alistair Wood, Hampden Agencies CEO, added: “The scale and ambition of this new syndicate, as well as the speed with which it has begun underwriting, demonstrates the appeal of good business plans with regulators and investors.
“Hampden Agencies is delighted to be involved and we are proud of our ability to access capital with scale.”
The managing agent for Syndicate 3123 is Asta, the third-party managing agent at Lloyd’s.
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