The Fidelis Partnership, formerly known as Fidelis MGU, has confirmed that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Limited (Fidelis Insurance Group), a global specialty insurer, and Hampden Agencies, the largest provider of private capital to Lloyd’s.
At the same time, the sponsorship of Syndicate 3123 by The Fidelis Partnership also marks the return of its founder and CEO, Richard Brindle, to the Lloyd’s market after 26 years.
Subject to the completion of final approval, the launch of Syndicate 3123 is expected to represent a “significant milestone” in The Fidelis Partnership’s strategic expansion.
The launch also clearly demonstrates the firm’s continued alignment and strong collaborative relationship with the Fidelis Insurance Group.
From what we understand, Syndicate 3123 will have an initial target to write $180 million of Gross Written Premium (GWP) in H2’24, and $450 million in 2025.
Moreover, Syndicate 3123 will also underwrite across multiple insurance and reinsurance classes, which includes contract frustration and political risk, credit, property catastrophe, political violence, marine, and aviation.
It has also been confirmed that Daniel O’Connell will be appointed as the Active Underwriter of Syndicate 3123.
A renowned figure across the sector, O’Connell brings extensive specialty underwriting experience and is currently serving in the role of Head of Bespoke for The Fidelis Partnership.
Another important factor to highlight, is that the syndicate will be managed at formation with support from Asta.
Further, both The Fidelis Partnership and Fidelis Insurance Group are being advised on the transaction by Asta and Willkie Farr & Gallagher (UK) LLP.
Richard Brindle, CEO of The Fidelis Partnership, said: “Our new syndicate will bring underwriting leadership, innovation, and flexibility. It will build on Lloyd’s position as the world’s leading insurance marketplace.”
Adding: “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. 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 licences, recently-upgraded financial strength rating and capital structure. We are looking forward to embarking on this next step of our journey of innovation and collaboration, all while we continue to set new standards of excellence in the industry.”
Dan Burrows, CEO of Fidelis Insurance Group, commented: “We are proud to support the launch of Syndicate 3123. Our underwriting strategy is designed to facilitate consistent access to the most attractive risks. Syndicate 3123 further advances our strategy by creating new opportunities based on Lloyd’s extensive licences and strong 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.”
John Neal, Lloyd’s CEO, said: “The Fidelis Partnership has built a solid reputation as a leading underwriting agency, and we’re excited to welcome Syndicate 3123 to the market. Lloyd’s is the perfect place for forward-thinking companies to come together and innovate to find solutions to some of the world’s most complex and challenging risks, and we’re delighted that The Fidelis Partnership will be joining us to solve these problems for our customers.”
Patrick Tiernan, Chief of Markets, Lloyd’s, added: “The Fidelis Partnership team brings a depth of underwriting leadership and supports our ambition of having the world’s best underwriters operating on the Lloyd’s platform. We see this opportunity as being accretive to the market, bringing in new and diverse sources of underwriting capability and capital. Richard and his team are warmly welcomed back into the Lloyd’s underwriting community.”
Alistair Wood, Hampden Agencies CEO, noted: “Hampden Agencies is delighted to be involved in this new syndicate, which demonstrates the important role of private capital in the Lloyd’s market and our ability to access that capital with scale. This is a great opportunity for private investors to enjoy the returns from prudent and profitable underwriting.”
Lorraine Harfitt, Asta Capital Limited (Asta) CEO, commented: “We are delighted to support Richard and his team in securing in-principle approval for Syndicate 3123. By combining Asta’s strengths as a managing agent with our collective commitment to innovation, our partnership aims to deliver leading underwriting solutions that address critical market challenges, including climate change. We look forward to supporting Syndicate 3123 as it aims to achieve accretive and strong underwriting results to the Lloyd’s market.”
