The Fidelis Partnership (TFP) has established Syndicate 2126, supported by funds managed by Blackstone, after securing in-principle approval from Lloyd’s. 

This new syndicate is expected to strengthen TFP’s position as a risk allocator for Lloyd’s capacity.  

In addition to the growth in TFP’s existing Syndicate 3123, this new move leverages the Lloyd’s market’s global brand, licensing footprint and credit rating, along with TFP’s underwriting expertise. 

Syndicate 2126 will underwrite a range of property, specialty and bespoke lines including via the Pine Walk MGA (managing general agent) platform, as well as reinsurance of existing TFP group business.  

Peter Welton will serve as active underwriter for the new syndicate. 

The syndicate is launching with a dedicated three-year capital commitment from Blackstone, which will also be responsible for  asset management.  

The portfolio for Syndicate 2126 has been structured to align with investor preferences regarding risk.  

The collaboration extends the partnership between TFP and Blackstone, which previously included credit and insurance business as well as support during TFP’s recent refinancing and equity initiatives.  

Capital will be deployed through London Bridge 2, reinforcing its role as a risk transformation platform for the Lloyd’s market, stated TFP. 

Blackstone International Tactical Opportunities head Qasim Abbas said: “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.” 

Syndicate 3123 is expected to generate approximately $1bn in gross written premiums (GWP) in 2026.  

The addition of Syndicate 2126 is expected to contribute a further $300m in GWP, increasing TFP’s total planned underwriting volume across both syndicates to more than $1.3bn in that year. 

Fidelis Partnership Group CEO and chairman Richard Brindle commented: “When we launched Syndicate 3123, we said TFP would be bringing underwriting leadership and innovation to Lloyd’s. We have done this, and I am delighted to now be announcing our partnership with Blackstone to launch Syndicate 2126. In 2026, we will become one of the largest players in Lloyd’s from a standing start circa 18 months ago – this is a remarkable achievement.  

“Blackstone is the world’s largest alternative asset manager, and their continued partnership with us is testament to the qualities of TFP as a true lead underwriter.”  

Last month, Pine Walk Capital – a TFP company – launched Corsiam Specialty, an accident and health MGA.