Fidelis Partnership secures placement in IGPIA’s $3.1bn marine reinsurance programme

The Fidelis Partnership, a privately owned, Bermuda-based Managing General Underwriter, has announced its participation in a historic private placement on the International Group of P&I Clubs’ (IGPIA) $3.1 billion global marine liabilities reinsurance programme, conducted through Lloyd’s Syndicate 3123.

This agreement secures a 5% placement on the primary layer of the IGPIA’s $3.1 billion excess-of-loss reinsurance contract, the largest reinsurance programme globally in the marine liabilities market. Notably, this is the first private placement in the IGPIA’s history to be written in Lloyd’s.

The International Group of P&I Clubs (IGPIA) is a collective of 13 mutual insurance associations, or “clubs,” that provide protection and indemnity (P&I) insurance to around 90% of the world’s ocean-going tonnage. Its role is critical in offering reinsurance coverage for risks faced by global shipping and maritime operators.

In 2023, The Fidelis Partnership achieved a significant milestone by becoming the first Managing General Underwriter/Agent (MGU/A) to gain counter party approval from the IGPIA. This recognition highlights Fidelis’s strong capabilities in underwriting complex marine risks.

The announcement builds on the momentum of The Fidelis Partnership Syndicate’s launch in 2024, which also marked the return of Fidelis Partnership’s founder and CEO, Richard Brindle, to the Lloyd’s market after a 26-year absence.

Daniel O’Connell, Active Underwriter at The Fidelis Partnership Syndicate, added: “We are delighted to be supporting the IGPIA on its prestigious reinsurance programme and to be writing this business in the Lloyd’s market.

“The IGPIA is renowned for its rigorous assessment of carriers’ reputation, financial strength and deep understanding of the underlying risks – making this landmark placement a further testament to The Fidelis Partnership’s underwriting track record and to the high value placed by clients on the strong credit quality, marine insurance heritage and value-add represented by Lloyd’s.”

Mike Hall, Chair of the IG’s Reinsurance Committee, said: “The IG has maintained a longstanding relationship with The Fidelis Partnership, who have been strong supporters of the IG’s programme for many years. This placement further strengthens that relationship.”

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