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Fidelis Partnership to launch Syndicate 3123 with Hampden Agencies, Asta

Fidelis Partnership has gained “in principle” approval from Lloyd’s for the launch of Syndicate 3123 in collaboration with Bermuda-based and Hampden Agencies, the largest provider of private capital to Lloyd’s. The sponsorship of Syndicate 3123 by The Fidelis Partnership marks the return of Richard Brindle to the Lloyd’s market after 26 years away.

With an initial target to write $180m GWP in H2 of 2024 and $450m 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. Mr. O’Connell brings extensive specialty underwriting experience and is currently serving in the role of Head of Bespoke for The Fidelis Partnership.

The syndicate will be managed at formation with support from third-party managing agent Asta.

Brindle said that the move would allow the partnership 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.

Dan Burrows, CEO of 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.”

The Fidelis Partnership and Fidelis Insurance Group are being advised on the transaction by Asta and Willkie Farr & Gallagher (UK) LLP.

Fidelis Partnership is a privately-owned, Bermuda-based Managing General Underwriter, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty insurance and reinsurance products. The Fidelis Partnership also sponsors and incubates specialist MGAs through its Pine Walk platform. The Fidelis Partnership is separately owned and managed from the ownership and management of Fidelis Insurance Group.

Bermuda-headquartered Fidelis Insurance Group is a global specialty insurer, with a diversified portfolio focused on three segments: Specialty, Bespoke, and Reinsurance.