The Fidelis Partnership has launched a new consortium capable of providing up to $345 million of cover per risk globally, as insurers respond to soaring demand for war, terrorism and political violence insurance following the conflict in the Middle East.

The TFP PVT Consortium, which went live on June 1, brings together capacity from a number of Lloyd's syndicates, including Argenta and The Fidelis Partnership's Syndicates 3123 and 2126. The consortium was placed by Guy Carpenter.

According to Fidelis, the facility can provide up to $47.5 million of cover per risk in the Middle East and up to $345 million per risk globally, targeting a market where demand has increased and available capacity has contracted amid geopolitical tensions.

Billy Ayres, head of underwriting for crisis management at The Fidelis Partnership, said the launch was about the company's willingness to keep providing capacity despite the uncertainty.

"We believe that losses from the Middle East will significantly shift the wider global WTPV market, and we are committed to remaining open, disciplined and available to clients throughout the conflict,” he said.

Mr Ayres said the consortium combines capacity from Pelagos Insurance Capital and participating Lloyd's syndicates under Fidelis's underwriting leadership.

The company said the structure would allow participating insurers to benefit from Fidelis's geopolitical expertise while deploying larger amounts of capacity into a market with high demand.

The launch follows a number of initiatives across The Fidelis Partnership and its Pine Walk MGA platform, including a similar strategy employed by Fidelis last year when it launched a consortium targeting AI data-centre construction risks, providing $250 million of capacity to a market facing shortages.

The consortium's cornerstone capacity is being provided by Pelagos Insurance Capital, formerly Fidelis Insurance Holdings, which completed its rebranding last month.