The Fidelis Partnership (TFP), a privately-owned managing general underwriter (MGU), has launched Syndicate 2126 in partnership with funds managed by Blackstone, an alternative asset manager, following in-principle approval from the specialist Lloyd’s insurance and reinsurance marketplace.
Peter Welton has been appointed as the Active Underwriter of Syndicate 2126, subject to regulatory approval.
This launch supports TFP’s vision of expanding as a risk allocator for Lloyd’s capacity.
It also aims to capitalise on the combination of the Lloyd’s market’s brand, global licensing, and credit rating with TFP’s underwriting leadership, while building on growth in TFP’s existing Syndicate 3123.
Syndicate 2126 will launch with a dedicated three-year capacity from Blackstone, who will also be responsible for asset management. Its portfolio has been tailored to the investor’s risk appetite.
Alongside TFP’s existing Syndicate 3123, expected to write approximately $1 billion of gross written premiums (GWP) in 2026, the additional roughly $300 million GWP of Syndicate 2126 will give TFP expanded capacity to accelerate its underwriting growth across attractive classes of business. Combined, TFP plans to write over $1.3 billion in total in 2026 across the two syndicates.
The new launch builds on TFP’s 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 the Lloyd’s London Bridge 2 platform.
Richard Brindle, Chairman and Group Chief Executive Officer, 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 a pace while delivering strong returns for our capital providers.
He continued, “Blackstone is the world’s largest alternative asset manager, and their continued partnership with us is a 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, Blackstone, added, “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, 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.”
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