Brokers and cedants in Asia-Pacific will have access to additional treaty reinsurance capacity from early 2027, after The Fidelis Partnership (TFP) announced plans to establish a Lloyd’s service company in Singapore.
The entity, The Fidelis Partnership APAC (TFP APAC), would write proportional and non-proportional treaty reinsurance across property and engineering, marine and energy, casualty, and specialty lines. Capacity will come from Fidelis Syndicates 3123 and 2126 through the Lloyd’s Asia platform. The launch is subject to approval from the Monetary Authority of Singapore (MAS).
TFP APAC is the latest in a series of market entries that have expanded the range of reinsurance capacity available through Singapore. In January 2025, The Hartford opened a Lloyd’s service company in the city-state to write financial lines and political risk through Syndicate 1221. In July 2026, Consilium Insurance Brokers received its MAS licence to write facultative reinsurance across the region. VIG Re also opened a Singapore office in 2026 to anchor its Asia-Pacific operations.
Read more: Consilium gains Singapore foothold as Asia facultative competition intensifies
The wave of new entrants into Singapore is arriving at a time when reinsurance buying patterns across Asia-Pacific are shifting.
Global reinsurance capital reached a record US$785 billion at the April 2026 renewal, according to Aon. Demand for reinsurance rose approximately 10% at the same renewal, and buyers across Asia-Pacific secured double-digit rate reductions in certain markets.
Alfonso Valera, international CEO of Aon Reinsurance Solutions, said in April 2026 that “insurers are increasingly using reinsurance as a strategic tool rather than a purely transactional purchase.”
For brokers, additional treaty capacity across multiple lines from a new Lloyd’s-backed operation widens the placement panel. TFP APAC’s coverage across property, marine, casualty, and specialty lines spans several classes where regional demand has been growing. Asia-Pacific reinsurance premiums are projected to reach US$68.4 billion by 2029, up from US$54 billion, according to GlobalData.
The steady flow of new entrants reflects both the scale of Asia-Pacific’s protection gap and Singapore’s position as a regional hub.
According to the Swiss Re Institute, just 8% of Asia-Pacific’s economic catastrophe losses were insured in 2025, well below the 10-year average of 17%. Economic losses across the region reached US$65 billion that year, with floods accounting for more than half.
MAS managing director Chia Der Jiun, speaking at the Singapore International Reinsurance Conference in November 2025, noted that total life, general insurance, and reinsurance premiums in Singapore reached approximately S$78 billion at the end of 2024, growing by an average of more than 8% a year over the prior five years.
“The opportunities for serving the protection needs in our region will continue to expand,” Chia said.
Singapore ranks second globally on the Global Financial Centres Index insurance sub-index, behind Hong Kong, and Lloyd’s Asia is the market’s largest underwriting centre outside London.
Read more: Capital is pouring into Lloyd’s even as Asian hubs top the insurance rankings
Bilal Zafar (pictured) has been named CEO-designate, pending regulatory approval. He joins from Volante Global, where he served as managing director of Volante Emerging Markets, overseeing reinsurance operations across Asia-Pacific, the Middle East, and Africa. Since 2024, he has also been CEO of Volante Syndicate’s Singapore service company. Zafar has nearly two decades of experience in the re/insurance sector and began his career at Swiss Re.
Song Liu, previously treaty portfolio director at Volante Global’s Singapore unit, joins the team. Liu began his career at China Reinsurance Group Corporation, where he served as deputy COO of its Singapore division.
Charles Mathias, deputy chairman at The Fidelis Partnership, said the launch reflects the firm’s focus on high-growth markets.
“Asia is a priority within our wider High Growth Markets strategy, which recognises the opportunity for TFP to address complex re/insurance gaps in markets that are growing exceptionally strongly,” Mathias said.
Zafar said the team’s product range would allow it to work across multiple structures and classes.
“Our broad suite of products, classes and structures will allow us to support partners holistically, provide bespoke solutions where our clients need them, and help the local (re)insurance markets of high-growth economies become more sustainable and resilient,” Zafar said.
TFP APAC intends to commence underwriting from January 1, 2027, assuming MAS approval is granted.
