By Ryan Hewlett

June 25 - (The Insurer) - The Fidelis Partnership is to grow the top line of Syndicate 3123 by more than 33% this year after receiving Lloyd’s approval for a mid-year expansion request and capital raise.

The multiclass syndicate, formally launched in June 2024, is now approved by Lloyd’s to write 589 million pounds ($801 million) in gross premiums in 2025, up from its original syndicate business forecast of 440 million pounds at the start of the year, according to three market sources. The information has been confirmed by The Fidelis Partnership.

The mid-year pre-emption marks the second time this year that the syndicate has resubmitted a business plan to Lloyd’s. Lloyd’s managing agency sources told The Insurer that Syndicate 3123 first revised its plan in March 2025 by increasing its gross written premium target by more than 15% to 509 million pounds.

Syndicate 3123, led by Fidelis underwriter Daniel O’Connell, writes insurance and reinsurance classes including contract frustration and political risk, credit, property catastrophe, political violence, marine and aviation.

The mid-year pre-emption has been orchestrated to allow Syndicate 3123 and The Fidelis Partnership to take advantage of market opportunities across multiple classes, particularly in specialty property and credit.

"We continue to build upon the success to date that Syndicate 3123 has enjoyed across a number of different classes of business, geographies and distribution strategies," The Fidelis Partnership said in a statement to The Insurer.

Syndicate 3123 will increase its capital by an estimated 23% in connection with its second business plan revision. Syndicate 3123 benefits from capacity backing from The Fidelis Partnership, New York Stock Exchange-listed Fidelis Insurance Group and Lloyd’s Names.

Responding to questions from The Insurer, The Fidelis Partnership said its targeted growth would require a capital increase of greater than 10% and represented an increase that must be funded.

“The capital is being provided by the existing capital base for the 2025 YoA, benefitting from the flexibility of the modified freehold and updates to Lloyd’s Underwriting Byelaw and associated guidance,” it said.

Asta-managed Syndicate 3123 recorded around $200 million in GWP in its first six months of trading. The Fidelis Partnership previously disclosed that the syndicate was targeting GWP of $180 million in the second half of 2024 and $450 million in 2025.

The original 2025 GWP target of 440 million pounds cemented Syndicate 3123 as one of the largest ever Lloyd's syndicate launches backed by third-party capacity.