The Fidelis Partnership (TFP) has launched Lloyd’s Syndicate 2126 with $300 mn in capacity, backed by funds managed by Blackstone, following Lloyd’s in-principle approval.
TFP said the move strengthens its position as a major allocator of risk capital within the Lloyd’s market.
The new syndicate adds to TFP’s existing Syndicate 3123, which is projected to write roughly $1 bn in gross written premiums in 2026.
Combined, the two syndicates expand TFP’s underwriting capacity across specialty, property, and bespoke lines.
Capital for Syndicate 2126 will flow through the Lloyd’s London Bridge 2 framework. The platform allows institutional investors such as Blackstone to participate directly in Lloyd’s syndicates.
TFP said the new entity will write business through its Pine Walk managing general agent platform and reinsure parts of existing Fidelis Group operations.
In 2026, we’ll become one of the largest players in Lloyd’s from a standing start around 18 months ago
Richard Brindle, TFP chairman and CEO
“Our growing presence in Lloyd’s sits alongside our core partnership with Fidelis Insurance Group as we scale rapidly and continue delivering strong returns for our capital providers,” said Richard Brindle.
Qasim Abbas, head of tactical opportunities international at Blackstone, said the firm was “impressed by TFP’s focus on underwriting excellence and sustainable growth.”
He added that the Lloyd’s market “offers an opportunity to generate strong, uncorrelated returns that complement our wider investment portfolio.”
The syndicate will launch with a three-year capacity commitment from Blackstone, which will also handle asset management.
The portfolio has been structured around investor risk preferences and builds on the firms’ existing partnership – including Blackstone’s support for TFP’s 2024 refinancing and equity investment.
Peter Welton has been named active underwriter for Syndicate 2126. Pine Walk Capital, TFP’s specialist MGA platform and a wholly owned subsidiary based in Bermuda, launched Corsiam Specialty, focusing on accident and health insurance.
TFP’s rapid scaling inside Lloyd’s – less than two years since entering the market – signals how hybrid capital models and private equity are reshaping the traditional syndicate landscape.
