Capacity
Capacity
We generate our revenue from fees paid by our Capacity Providers. We have a panel of Capacity Providers who delegate underwriting authority to us, but retain the balance sheet reserves, underwriting result and investment result.
Our panel of Capacity Providers is diverse and primarily long-term, blending long‑term multi‑year binders, Lloyd’s Names capital, corporate capital providers and select co-insurance partners, providing consistent, scalable underwriting capacity across cycles.
Our capacity construct allows us to effectively utilize our risk allocator model, where we can match risks to optimal capacity providers based on their appetite, credit rating, and licensing requirements.
Pelagos Insurance Capital
Pelagos Insurance Capital (previously Fidelis Insurance Group) is a long‑term cornerstone strategic partner providing, multi‑year capacity through a 10‑year rolling binder, giving TFP certainty and stability that traditional annual binders cannot match. This structure ensures a minimum underpinned capacity and, an automatic year‑on‑year baseline, , removing the friction of annual renewals and allowing underwriters to focus purely on origination and underwriting performance.
The Fidelis Partnership Syndicates
The Fidelis Partnership has launched two syndicates in the Lloyd’s market to date, Syndicate 3123 and Syndicate 2126. These provide access to Lloyd’s AA- S&P credit rating, global licensing capabilities, global distribution network and universally recognised brand power.
The launch of The Fidelis Partnership Syndicates represents our continued alignment and strong collaborative relationships with world-class capital providers.
Syndicate 3123
We entered the Lloyd’s market in July 2024 with the launch of Syndicate 3123, using an innovative structure. Syndicate 3123 is primarily supported by Lloyd’s Names (typically high-net-worth individual investors). Syndicate 3123 was heavily oversubscribed on launch and has grown from a standing start in July 2024 to become one of the largest Names-backed syndicates in Lloyd’s, with approved capacity to write over $1 billion of premiums in 2026.
It underwrites across all of our pillars, utilizing both of our underwriting platforms, Fidelis Underwriting and Pine Walk.
Syndicate 2126
We launched Syndicate 2126 in January 2026 in partnership with funds managed by Blackstone, the world's largest alternative asset manager.
Syndicate 2126 underwrites across similar lines of business as Syndicate 3123, often taking placements on the same insurance risks.
Insurance Partnerships and Consortia
The Fidelis Partnership also writes business for insurance partners targeting specific products through direct binding authority arrangements or through Lloyd’s consortia. This provides us with additional, diversified capacity to support specific lines of business. Our Lloyd's platform has enabled us to write business via Lloyd’s consortia, which provides us with access to unique market opportunities and additional, diversified capacity to support specific lines of business.
To date, we have launched 11 consortia, covering specialized facilities for Space, E-cat, Casualty, A&H, Data Centre Construction, Contingency and Treaty Cat.
Reinsurance Partners
We maintain deep, longstanding relationships with over [60] reinsurers that provide quota-share and excess of loss reinsurance protection to Pelagos Insurance Capital, Syndicate 3123 and Syndicate 2126, supporting over $1 billion+ of GWP and providing flexible capacity that complements our other sources.