Alternative investment giant Blackstone has partnered with The Fidelis Partnership on a new Lloyd’s syndicate launch, with Blackstone set to fund Syndicate 2126 through the London Bridge 2 PCC insurance-linked securities (ILS) structure.Blackstone is not just funding this new Lloyd’s syndicate, it is also set to act as asset manager for its investment portfolio, in a similar way to the firm’s arrangement .Blackstone continues to demonstrate an expansive appetite for sourcing insurance-linked returns in a range of formats, with the Lloyd’s marketplace seen as an attractive source of diversifying returns by the alternative asset manager and .The Fidelis Partnership’s new Lloyd’s Syndicate 2126 is expected to play multiple roles, including acting as a kind of reinsurance sidecar syndicate for the company.

Syndicate 2126 will underwrite business across a number of property, specialty and bespoke lines, including through the Pine Walk MGA platform and also through provision of reinsurance to existing Fidelis Partnership group business.The syndicate has been launched with three-year dedicated capacity provided by funds under Blackstone’s management and the portfolio has been tailored to the investors risk appetite as well.The funding capital is set to be deployed via Lloyd’s own ILS structure London Bridge 2, which The Fidelis Partnership said further validates this “as a risk transformation platform for the Lloyd’s market.” Syndicate 2126 is expected to write gross written premiums of around $300 million, which lifts The Findelis Partnerships’ planned premium to over $1.3 billion for 2026.

Richard Brindle, Chairman and Group CEO of The Fidelis Partnership, said, “When we launched Syndicate 3123, we said TFP would be bringing underwriting leadership and innovation to Lloyd’s.We’ve done this, and I’m delighted to now be announcing our partnership with Blackstone to launch Syndicate 2126.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.

Our expanding Lloyd’s presence complements our cornerstone relationship with Fidelis Insurance Group as we continue to grow at pace while delivering strong returns for our capital providers.“Blackstone is the world’s largest alternative asset manager, and their continued partnership with us is testament to the qualities of TFP as a true lead underwriter.Since returning to Lloyd’s, we have led on over 95% of our lines, brought meaningful and diversified new business into the market and helped drive pricing and term improvements to support sustainable underwriting through the cycle.

This new syndicate will build on this leadership while helping us bring new opportunities into Lloyd’s.This partnership is a validation of both TFP’s capabilities and the attractiveness of Lloyd’s to blue-chip capital.” Qasim Abbas, Head of Tactical Opportunities International at Blackstone, added, “We have been impressed by TFP’s clear focus on underwriting excellence and sustainable growth.We believe 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, also said, “This marks an exciting new chapter in our partnership with TFP.

It builds on our successful history together and underscores our commitment and shared vision for innovation in the Lloyd’s market.” Blackstone continues to play a significant role in funding insurance and reinsurance ventures and opportunities, where the asset manager identifies attractive opportunities to source diversifying returns from the re/insurance market, while the additional asset management role also tends to be an attraction for the firm.The company is becoming a particularly meaningful capital provider into Lloyd’s as well now, as it finds that market an efficient venue to source insurance-linked returns and the London Bridge 2 ILS structure offers a more efficient way for it to enter into and fund these arrangements..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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