LowVII Reinsurance & Specialty Risk3 November 2026, Tuesday
Fidelis sets up Singapore company to write Lloyd's treaty business
The Fidelis Partnership announced on 3 November that it will set up a Lloyd's service company in Singapore called TFP APAC. Subject to approval from the Monetary Authority of Singapore (MAS), it will begin writing treaty reinsurance in Asia-Pacific on 1 January 2027.
TFP APAC will write proportional and excess-of-loss treaty reinsurance across property and engineering, marine and energy, casualty and specialty lines. Capacity will come from Fidelis's Lloyd's syndicates 3123 and 2126 via the Lloyd's Asia platform. Bilal Zafar, who joins from Volante Global, has been proposed to lead the company; his appointment is also subject to approval.
The move is part of a wave of capacity flowing into the region. The Hartford opened a Lloyd's service company in Singapore through syndicate 1221 in January 2025, and Consilium obtained an MAS licence in July 2026. According to Aon, global reinsurance capital reached a record 785 billion dollars at the April 2026 renewals; buyers in some Asia-Pacific markets secured double-digit rate reductions.
The protection gap the capacity is targeting is large. According to the Swiss Re Institute, only 8% of the 65 billion dollars in economic catastrophe losses in Asia-Pacific in 2025 was insured, against a 10-year average of 17%. Floods accounted for more than half of the losses. GlobalData expects the region's reinsurance premiums to grow from 54 billion dollars to 68.4 billion dollars by 2029.
Talay assessment
Bottom line
Capacity leaving North America and Europe, where rates are falling, is looking for a home in Asia-Pacific, where the protection gap is wide. The insured share of catastrophe losses at just 8% suggests demand is held back less by price than by a lack of products and data. The likeliest path is that new Lloyd's capacity pushes Asian treaty pricing down while closing the protection gap only slowly.
Likely effects
- Asia-Pacific treaty pricingUncertainWeeks
Each new Lloyd's vehicle in Singapore adds to regional competition; double-digit reductions are expected to persist in some markets at 1 January.
- Protection gapNegative6 months+
With 8% of catastrophe losses insured, extra capacity alone will not close the gap; product and data shortfalls remain binding in lines such as flood.
- Lloyd's growth mixPositive1–6 months
Syndicates are turning to growth markets rather than mature ones where profitability is eroding, signalling the direction of Lloyd's 2027 business plans.
Possibilities, ranked
- 1Approval and 1 January start70%
MAS grants approval, TFP APAC starts writing on 1 January 2027 and joins regional treaty competition.
Watch: Announcement of MAS approval and Zafar's appointment
- 2Delayed start20%
The approval process drags on and the company slips to the 1 April 2027 renewals.
Watch: No news of approval by the end of December
- 3Capacity is withdrawn10%
A major loss prompts Fidelis to postpone its growth plan.
Watch: Comments on the Asia plan in Fidelis's year-end results
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.
Market reaction
Indicators affected
- APAC insured cat share (2025)▼ 8%
- Global reinsurance capital▲ $785bn