The Fidelis Partnership, the Bermudian-based managing general underwriter, has written a private placement on the global marine liabilities reinsurance placement on the International Group of P&I Clubs through Lloyd’s Syndicate 3123.

The organisation said the deal represents a 5 per cent placement on the primary section of the IGPIA’s $3.1 billion excess-of-loss reinsurance contract, the largest global reinsurance programme in the marine liabilities market and is the IGPIA’s first private placement written in Lloyd’s.

In 2023, the newly formed Fidelis Partnership said it became the first MGU/A to be granted counterparty approval by the IGPIA.

The additional line announced today follows the launch of The Fidelis Partnership Syndicate in 2024, which marked the return of The Fidelis Partnership’s founder and chief executive officer, Richard Brindle, to the Lloyd’s market after 26 years.

Daniel O’Connell, active underwriter at The Fidelis Partnership Syndicate, said: “We are delighted to be supporting the IGPIA on its prestigious reinsurance programme and to be writing this business in the Lloyd’s market.

“The IGPIA is renowned for its rigorous assessment of carriers’ reputation, financial strength and deep understanding of the underlying risks – making this landmark placement a further testament to The Fidelis Partnership’s underwriting track record and to the high value placed by clients on the strong credit quality, marine insurance heritage and value-add represented by Lloyd’s.”

Mike Hall, chairman of the IG’s reinsurance committee, said: “The IG has maintained a longstanding relationship with The Fidelis Partnership, who have been strong supporters of the IG’s programme for many years. This placement further strengthens that relationship.”