The Fidelis Partnership committed $1.6 billion in capacity to data center risks in 2025, including more than $250 million through a new Lloyd’s consortium.
The data center construction consortium targets excess layers in construction risks linked to AI data center projects, where capacity has been limited in the market. The consortium was formed with support from Fidelis Insurance Group and Syndicate 3123, with additional capacity expected from Syndicate 2126 beginning January 1, 2026.
The initiative formed part of eight new consortia established at Lloyd’s during the year, with The Fidelis Partnership acting as lead. These covered casualty, aviation financing, satellite pre-launch, specialty reinsurance, space, asset-backed finance, and contingency. In the space segment, a satellite pre-launch consortium launched by Navium Marine, a Pine Walk platform MGA, will provide a combined $75 million limit across participating markets.
“Throughout 2025, TFP acted with speed and leadership to capitalise on evolving market conditions, seize emerging growth opportunities, and unlock capacity where it was needed most. Our innovative data centre solution – bringing $1.6 billion of cross-class capacity, including over $250 million through our landmark Data Centre Construction Consortium – embodies these commitments, while also demonstrating the leadership and innovation that TFP is bringing to the Lloyd’s market,” said Richard Brindle, executive chairman and CEO of The Fidelis Partnership.
The Fidelis Partnership reported written premium of $5.4 billion for the year ended December 31, 2025, compared with $4.7 billion in 2024, across all capacity providers. Revenue increased by 10%, with all growth generated organically. EBITDA exceeded $400 million, with a margin of about 60%.
At Lloyd’s, the firm received approval to launch Syndicate 2126 through a multi-year capacity arrangement with funds managed by Blackstone. The syndicate will write property, specialty, and bespoke lines, including business sourced through the Pine Walk platform and reinsurance of existing group business. It will begin with dedicated three-year capacity deployed through London Bridge 2.
Names-backed Syndicate 3123 reached $0.8 billion in written premium in 2025, up from $0.2 billion in 2024 following a midyear capital raise. The company raised capital to support $1.3 billion in written premium at Lloyd’s in 2026.
“We have raised third-party capital to support $1.3 billion of premium between our syndicates in 2026 and it’s only the beginning of an exciting journey ahead as we capitalise on the Lloyd’s rating, global licencing and distribution to support profitable growth,” Brindle said.
The firm also participated in the International Group of P&I Clubs’ $3.1 billion excess-of-loss reinsurance program through Syndicate 3123, taking a 5% placement on the primary section.
The Pine Walk MGA platform recorded $1.0 billion in premium across 16 cells in 2025, compared with $0.9 billion across 11 cells a year earlier. Five cells were launched during the year across casualty, LATAM and APAC surety and structured credit, LATAM treaty reinsurance, accident and health, and alternative risk transfer.
One of these, Carnovis Specialty Ltd., will underwrite structured re/insurance solutions, including excess-of-loss and quota-share arrangements across treaty, captive, and direct lines. The business will write an international portfolio spanning the US, UK, Europe, APAC, and Latin America.
Brindle said the company had continued to grow its underwriting platforms, stating: “I am proud of the growth we have achieved across our two underwriting platforms, Fidelis Underwriting and Pine Walk, and on the steps we are taking to build the world’s leading independent specialty underwriter and risk allocator.”
Distribution initiatives included the launch of a US office in Miami through Imala Re, a Pine Walk cell targeting the Latin American reinsurance market. Another Pine Walk cell, Arenite, was introduced to write surety and structured credit business across Latin America and Asia-Pacific.
The company relocated its European Union headquarters to Dublin in December 2025.
“We have also meaningfully scaled and diversified TFP’s global presence through our differentiated distribution strategy and the launch of five new Pine Walk MGAs across multiple markets and geographies,” said Brindle.
