The Fidelis Partnership will launch a new Lloyd’s syndicate, backed by funds managed by Blackstone, following in-principle approval from the Lloyd’s market.

Syndicate 2126, which will target $300 million in gross written premium in 2026, expands Fidelis’s presence as a Lloyd’s risk allocator and complements its existing Syndicate 3123, expected to write about $1 billion next year. Combined, the two syndicates are projected to write more than $1.3 billion in premiums across property, speciality and bespoke lines.

Peter Welton has been appointed active underwriter of Syndicate 2126, which will have dedicated three-year capacity from Blackstone. The global asset manager will also oversee investment management for the portfolio, which has been structured to match investor risk appetite. Capital will be deployed via the London Bridge 2 structure, which enables third-party investors to participate in the Lloyd’s market.

The new syndicate will operate alongside TFP’s Pine Walk managing general agent platform and reinsure existing Fidelis group business.

Richard Brindle, chairman and group chief executive of The Fidelis Partnership, said the move demonstrates the company’s rapid expansion since re-entering Lloyd’s less than two years ago.

“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,” he said. “Blackstone’s continued partnership with us is testament to the qualities of TFP as a true lead underwriter and to the attractiveness of Lloyd’s to blue-chip capital.”

Qasim Abbas, head of tactical opportunities international at Blackstone, said the Lloyd’s market “offers an opportunity to deliver strong and uncorrelated returns, complementing our wider asset portfolio”.

Lou Salvatore, senior managing director at Blackstone Credit & Insurance, added that the initiative “marks an exciting new chapter in our partnership with TFP” and reflects a shared vision for innovation in the Lloyd’s market.