Insights

The Fidelis Partnership to establish a new syndicate at Lloyd’s

Posted 05/04/2024 – Quick takes

The Fidelis Partnership has announced that it has gained permission from Lloyd’s to establish a new syndicate 3123 starting on 1st July 2024. The syndicate will be managed by Asta and aims to write $180m of premium income in 2024 increasing to $450m in 2025. The syndicate is planning to underwrite a wide range of classes, in which Fidelis already has specialism, which includes contract frustration and political risk, credit, property catastrophe, political violence, marine and aviation. The syndicate is looking to include private capital members in their capital raising

John Neal, CEO of Lloyd’s, 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.”

Alpha comment

Fidelis has established a strong underwriting reputation within the market and it is encouraging to see that Lloyd’s has attracted such an established brand. Fidelis’ CEO Richard Brindle has a very successful history at Lloyd’s and launching syndicate 3123 will see him return after 26 years. We look forward to further details about this proposal and it is very exciting that the syndicate wishes to use private capital.

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