The International Group is a collective of 12 protection and indemnity (P&I) clubs that provides marine liability cover for approximately 90% of the world’s ocean-going tonnage. Credit: GreenOak/Shutterstock.

The Fidelis Partnership, a Bermuda-based managing general underwriter (MGU), has written a private placement on the International Group of P&I Clubs’ (IGPIA) global marine liabilities reinsurance programme. 

The placement was conducted via Fidelis’ Lloyd’s Syndicate 3123 and is said to be IGPIA’s first private placement written in the Lloyd’s market. 

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This move constitutes a 5% placement on the primary component of IGPIA’s $3.1bn (£2.49bn) excess-of-loss reinsurance contract. 

The International Group is a collective of 12 P&I clubs, offering marine liability cover for approximately 90% of the world’s ocean-going tonnage.  

The Fidelis Partnership is said to be the first MGU/MGA (managing general agent) to receive counterparty approval from the IGPIA in 2023.  

This builds on the establishment of the Fidelis Partnership Syndicate in 2024, which signified the return of the company’s founder and CEO, Richard Brindle, to the Lloyd’s market after a 26-year hiatus. 

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The formation of the Fidelis Syndicate was a collaboration between the Fidelis Partnership, Fidelis Insurance Group – a global specialty insurer – and Hampden Agencies, Lloyd’s private capital provider.  

Fidelis Partnership Syndicate active underwriter Daniel O’Connell said: “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.” 

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

This follows Fidelis Partnership subsidiary Pine Walk Capital’s launch in October 2024 of Silverflame Re, a new specialty reinsurance MGA.