The Fidelis Partnership (TFP) launched the TFP PVT Consortium in early June, bringing together several Lloyd’s syndicates to deploy capacity into the war, terror, and political violence (WTPV) insurance market as insurers grapple with growing demand and tightening capacity following the conflict in the Middle East.
Placed by reinsurance broker Guy Carpenter, the consortium includes capacity from Lloyd’s syndicate Argenta as well as TFP’s own Syndicates 3123 and 2126. Backed by cornerstone capacity provider Pelagos Insurance Capital, the facility can deploy up to $47.5 million per risk in the Middle East and up to $345 million per risk in other global markets.
TFP said the structure is intended to provide clients with scaled, structured capacity at a time when supply in the WTPV market is contracting while demand continues to rise.
“The launch of the TFP PVT Consortium is a direct expression of our high-conviction approach and our belief that the right response to uncertainty is to lean in, not step back,” said Billy Ayres, head of underwriting for crisis management at TFP.
“We believe that losses from the Middle East will significantly shift the wider global WTPV market, and we are committed to remaining open, disciplined, and available to clients throughout the conflict,” he said.
Ayres added that the consortium “gives clients certainty at the moment they need it most” and reinforces TFP’s commitment to open-market underwriting, which he said provides greater transparency around pricing, aggregates, and risk exposure than facility-based structures.
The launch comes as the WTPV market faces increasing pressure from geopolitical instability and rising concerns over political violence exposures. For insurers, particularly those writing political violence and terrorism risks, the conflict in the Middle East is expected to generate significant losses in some areas while prompting a reassessment of risks across key industries and regions.
Broader industry data suggest concerns over political violence continue to intensify. According to the 2026 Allianz Risk Barometer, war has overtaken civil unrest as the political violence exposure companies fear most, receiving 53% of responses, up from 48% in 2025. The survey found that conflicts in Europe and the Middle East are disrupting global trade flows and increasing threats to business assets, helping push political risks and violence to their highest-ever ranking at No. 7.
Demand for political violence and terrorism insurance has also risen, with coverage increasingly being added to property programs. Premiums have increased because of heightened regional exposure, with average rate rises of 15% to 25% across political violence classes through 2026. Aggregate limits have also tightened by 10% to 15% year over year.
Darren Hines, unit head of terrorism at Argenta, said the consortium arrives at a critical point for buyers seeking dependable capacity.
“We’re pleased to support the TFP PVT Consortium at a time when clients are facing heightened uncertainty,” Hines said. “The structure brings together strong underwriting leadership and meaningful capacity, helping ensure continued access to cover in a challenging market.”
Jonathan Powell, managing director at Guy Carpenter, said the broker established the facility in response to immediate market demand.
“Clients are facing urgent and complex capacity needs following the Middle East conflict,” Powell said. “Guy Carpenter was pleased to place the TFP PVT Consortium to provide structured, dependable capacity at scale.”
The TFP PVT Consortium follows a series of consortium launches by TFP and its Pine Walk MGA platform, including an AI data center construction consortium and Navium’s Helix Consortium for AI infrastructure cargo risk.
