The Fidelis Partnership has announced that Lloyd’s has granted in principle approval for the launch of Syndicate 3123 in collaboration with Fidelis Insurance Holdings Ltd, the global specialty insurer, and Hampden Agencies, the largest provider of private capital to Lloyd’s.

The Bermudian-based managing general underwriter said the sponsorship of Syndicate 3123 marks the return of its founder and chief executive officer, Richard Brindle, to the Lloyd’s market after 26 years.

It added that, subject to the completion of final approval, the launch will represent a significant milestone in The Fidelis Partnership’s strategic expansion, and reflects its continued alignment and strong collaborative relationship with the Fidelis Insurance Group.

With an initial target to write $180 million of gross written premium in the second half of 2024 and $450 million in 2025, Syndicate 3123 will underwrite across multiple insurance and reinsurance classes including contract frustration and political risk, credit, property catastrophe, political violence, marine and aviation.

Daniel O’Connell will be appointed as the active underwriter of Syndicate 3123. He currently serves as head of Bespoke for The Fidelis Partnership.

The syndicate will be managed at formation with support from Asta, the third-party managing agent at Lloyd’s.

Mr Brindle said: “Our new syndicate will bring underwriting leadership, innovation, and flexibility. It will build on Lloyd’s position as the world’s leading insurance marketplace.

“Private capital remains highly relevant in insurance. We are therefore delighted to partner with Fidelis Insurance Group and also with Hampden Agencies, to bring this new capacity into the market.

“This allows us to access more business and write risks on behalf of a broader range of clients in more jurisdictions leveraging Lloyd’s global licences, recently-upgraded financial strength rating and capital structure.

“We are looking forward to embarking on this next step of our journey of innovation and collaboration, all while we continue to set new standards of excellence in the industry.”

Dan Burrows, chief executive officer of Bermudian-headquartered Fidelis Insurance Group, said: “We are proud to support the launch of Syndicate 3123. Our underwriting strategy is designed to facilitate consistent access to the most attractive risks.

“Syndicate 3123 further advances our strategy by creating new opportunities based on Lloyd’s extensive licences and strong ratings.

“Together with The Fidelis Partnership, we look forward to continuing to redefine the specialty insurance landscape and create value for our shareholders by proactively managing and allocating capital and supporting profitable underwriting opportunities.”