The Fidelis Partnership has announced the launch of Syndicate 2126 in partnership with funds managed by Blackstone, following in-principle approval from Lloyd’s. The syndicate, which is targeting the equivalent of £240m in gross written premium in 2026, will expand TFP’s role as a risk allocator for Lloyd’s capacity.

The move strengthens TFP’s presence in the Lloyd’s market alongside its existing Syndicate 3123, which is expected to write about £800m in gross written premium next year.

Syndicate 2126 will underwrite property, specialty and bespoke lines, including business written through the Pine Walk MGA platform and reinsurance of existing TFP group operations.

Peter Welton has been appointed active underwriter of Syndicate 2126, subject to regulatory approval.

The syndicate launches with dedicated three-year capacity from Blackstone, which will also oversee asset management. The portfolio has been designed to align with investor risk appetite and builds on TFP’s existing relationship with Blackstone through its credit and insurance business. That partnership included Blackstone’s cornerstone support for TFP’s 2024 refinancing and equity investment. Capital for Syndicate 2126 will be deployed via London Bridge 2.

Richard Brindle, chairman and group chief executive officer at The Fidelis Partnership, said: “Blackstone is the world’s largest alternative asset manager, and their continued partnership with us is testament to the qualities of TFP as a true lead underwriter. Since returning to Lloyd’s, we have led on over 95% of our lines, brought meaningful and diversified new business into the market and helped drive pricing and term improvements to support sustainable underwriting through the cycle. This new syndicate will build on this leadership while helping us bring new opportunities into Lloyd’s. This partnership is a validation of both TFP’s capabilities and the attractiveness of Lloyd’s to blue-chip capital.”

Qasim Abbas, head of tactical opportunities, International at Blackstone, added: “We have been impressed by TFP’s clear focus on underwriting excellence and sustainable growth. We believe the Lloyd’s market offers an opportunity to deliver strong and uncorrelated returns, complementing our wider asset portfolio.”

Willkie is representing The Fidelis Partnership in the launch of the new syndicate, with the team led by partners Joseph Ferraro and Andrew Tromans, and associate Miriam Gott.

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