Fidelis syndicate confirms International Group private placement
Fidelis Partnership syndicate’s active underwriter says the placement is testament to ‘the high value placed by clients on the strong credit quality, marine insurance heritage and value-add represented by Lloyd’s’
International Group inks first private placement in Lloyd’s market for its huge reinsurance programme through newly established Fidelis syndicate
THE International Group of P&I clubs has secured the first private placement in the Lloyd’s market for its marine liabilities reinsurance programme.
The placement, written by the Fidelis Partnership though its syndicate 3123, represents a 5% placement on the primary section of the International Group’s $3.1bn excess-of-loss reinsurance contract, the largest global reinsurance programme in the marine liabilities market.
In 2023, Bermuda-based Fidelis Partnership became the first managing general underwriter to be granted counterparty approval by the International Group. It subsequently launched its syndicate in 2024.
Daniel O’Connell, active underwriter at the Fidelis Partnership syndicate, said the “landmark placement” was testament to “the high value placed by clients on the strong credit quality, marine insurance heritage and value-add represented by Lloyd’s”.
“We are delighted to be supporting the [International Group] on its prestigious reinsurance programme and to be writing this business in the Lloyd’s market,” he added.
Mike Hall, chair of the International Group’s reinsurance committee, said the placements “further strengthens” its relationship with the Fidelis Partnership, which has supported the reinsurance programme for several years.