Fidelis Insurance Holdings, in partnership with The Fidelis Partnership, has announced the commencement of underwriting activities by Syndicate 3123 at Lloyd’s.
The Fidelis Partnership Syndicate was launched through a collaboration between The Fidelis Partnership, Fidelis Insurance Group, and Hampden Agencies, the largest provider of private capital to Lloyd’s.
The syndicate also marks the return of Richard Brindle (pictured above), founder and CEO of The Fidelis Partnership, to the Lloyd’s market after 26 years.
It aims to write $180 million in gross written premium (GWP) in the second half of 2024, with a target of $450 million in 2025. The syndicate will underwrite across various insurance and reinsurance classes, including contract frustration and political risk, credit, property catastrophe, political violence, marine, and aviation.
Brindle noted the syndicate’s position to start underwriting, highlighting it as the largest 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,” he said.
Daniel O’Connell, active underwriter of The Fidelis Partnership Syndicate, stated that they have made a long-term strategic commitment to the Lloyd’s market.
“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,” O’Connell said.
Meanwhile, Dan Burrows, CEO of Fidelis Insurance Group, expressed excitement about entering Lloyd’s through their participation in the 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. 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,” Burrows said.
The managing agent for Syndicate 3123 is Asta, the leading third-party managing agent at Lloyd’s.
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