The Fidelis Partnership launches new syndicate backed by Blackstone

HAMILTON, Bermuda, 31 October 2025 – The Fidelis Partnership (“TFP”) is pleased to announce the launch of Syndicate 2126 in partnership with funds managed by Blackstone, the world’s largest alternative asset manager, following in-principle approval from Lloyd’s.

The new Syndicate supports the expansion of TFP’s role as a risk allocator for Lloyd’s capacity. Alongside the growth in TFP’s existing Syndicate 3123 this capitalises on the combination of the Lloyd’s market’s universally recognised brand, global licencing and credit rating with TFP’s proven underwriting leadership.

The Syndicate will write across a number of property, specialty and bespoke lines, including through the unique Pine Walk MGA platform and reinsurance of existing TFP group business. Peter Welton has been appointed as the Active Underwriter of Syndicate 2126*.

Syndicate 2126 will launch with dedicated three-year capacity from Blackstone, which will also be responsible for asset management. The syndicate portfolio has been tailored to the investor risk appetite. This builds on TFP’s deep existing relationship with Blackstone through its credit & insurance business, including its cornerstone support for TFP’s landmark 2024 refinancing and equity investment in TFP. Capital will be deployed via London Bridge 2, further validating this as a risk transformation platform for the Lloyd’s market.

Alongside TFP’s existing Syndicate 3123, which is expected to write ~$1 billion of gross written premiums (“GWP”) in 2026, the additional ~$300 million GWP of Syndicate 2126 will give TFP expanded capacity to accelerate its profitable underwriting growth across attractive classes of business. Combined, TFP plans to write over $1.3 billion in total in 2026 across the two syndicates.

Richard Brindle, Chairman and Group CEO of The Fidelis Partnership, commented: “When we launched Syndicate 3123, we said TFP would be bringing underwriting leadership and innovation to Lloyd’s. We’ve done this, and I’m delighted to now be announcing our partnership with Blackstone to launch Syndicate 2126. In 2026 we’ll become one of the largest players in Lloyd’s from a standing start circa 18 months ago – this is a remarkable achievement. Our expanding Lloyd’s presence complements our cornerstone relationship with Fidelis Insurance Group as we continue to grow at pace while delivering strong returns for our capital providers.

“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, said: “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.”

Lou Salvatore, Senior Managing Director at Blackstone Credit & Insurance, said: “This marks an exciting new chapter in our partnership with TFP. It builds on our successful history together and underscores our commitment and shared vision for innovation in the Lloyd’s market.”

^{*Subject to regulatory approval}