The Fidelis Partnership (TFP) is strengthening its position at Lloyd's with the launch of Syndicate 2126, created in partnership with funds managed by Blackstone.
The new syndicate will write across property, specialty and bespoke lines, including through TFP's Pine Walk MGA platform and reinsurance of existing group business. Peter Welton has been appointed active underwriter, subject to regulatory approval.
Syndicate 2126 will launch with a dedicated three-year capacity from Blackstone, which will also oversee asset management. The portfolio has been designed to match investor appetite, with capital deployed via London Bridge 2, a structure that has gained traction as a risk transformation mechanism within Lloyd's.
The launch builds on TFP’s growing presence through Syndicate 3123, which is expected to write about US$1 billion in gross written premiums (GWP) in 2026.
Together, the two syndicates are projected to write more than US$1.3 billion next year, with Syndicate 2126 contributing roughly US$300 million.
TFP chairman and CEO Richard Brindle said the partnership with Blackstone reflects the company’s expanding influence within Lloyd’s and its success in combining underwriting expertise with disciplined capital management.
“In 2026 we’ll become one of the largest players in Lloyd’s from a standing start circa 18 months ago,” he said. “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.”
Blackstone executives said the collaboration supports their strategy of seeking strong, uncorrelated returns in specialty insurance markets.
“We have been impressed by TFP’s clear focus on underwriting excellence and sustainable growth,” said Qasim Abbas, head of tactical opportunities international at Blackstone. “[T]he Lloyd’s market offers an opportunity to deliver strong and uncorrelated returns, complementing our wider asset portfolio.”
The timing of the launch comes as investor appetite for Lloyd's capacity continues to rise, supported by solid underwriting results and higher returns across property and specialty classes. The London Bridge framework has further opened the door for institutional investors, making Lloyd's a more accessible platform for alternative capital.
Since its launch, Syndicate 3123 has influenced competition within specialty and reinsurance lines by maintaining strong underwriting discipline and pricing rigor. Its continued expansion, alongside the creation of Syndicate 2126, could reinforce rate stability and attract more capital into the market.
