Recently rebranded The Fidelis Partnership has announced that it has received “in principle approval” from Lloyd’s for the establishment of Syndicate 3123.
The initiative is a collaboration between Fidelis Insurance Holdings Limited and Hampden Agencies, Lloyd’s largest source of private capital. The new syndicate also marks a notable return for Richard Brindle – the founder and CEO of The Fidelis Partnership – to the Lloyd’s market after a hiatus of 26 years.
Pending final approval, Syndicate 3123 aims to commence underwriting activities in the second half of 2024 with a goal to generate $180 million in gross written premiums (GWP), with projections of reaching $450 million in GWP by 2025.
The syndicate plans to cover an array of insurance and reinsurance sectors, including contract frustration, political risk, credit, property catastrophe, political violence, marine, and aviation.
Daniel O’Connell is set to assume the role of active underwriter for Syndicate 3123, leveraging his expertise in specialty underwriting. Currently, O’Connell is the head of bespoke at The Fidelis Partnership.
Meanwhile, Asta, a third-party managing agent at Lloyd’s, will provide management support for the syndicate upon its formation.
“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,” Brindle said. “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 licenses, recently-upgraded financial strength rating and capital structure.”
Dan Burrows, CEO of Fidelis Insurance Group, also explained the strategic significance of Syndicate 3123 in accessing prime risks through Lloyd’s global licenses and strong financial ratings.
“Together with The Fidelis Partnership, we look forward to continuing to redefine the specialty insurance landscape and create value for our shareholders by proactively managing and allocating capital and supporting profitable underwriting opportunities,” Burrows said.
Lloyd’s CEO John Neal, and Patrick Tiernan, chief of markets at Lloyd’s, both also welcomed The Fidelis Partnership and the new syndicate, recognizing their potential contribution to the Lloyd’s ecosystem of solving complex global risks.
The Fidelis Partnership and Fidelis Insurance Group are being advised by Asta and Willkie Farr & Gallagher (UK) LLP in this venture.
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