Dozen syndicates behind trio of cross-class facilities as QBE leads

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Full participation data shows QBE has the largest share across ACT, Fast Track and Gemini, with four syndicates on all three.

A cohort of 12 Lloyd’s syndicates provide support for the three largest cross-class broker facilities, with QBE 5555 writing a significant proportion on each of the trio, Insurance Insider can reveal.

Analysis of documents seen by this publication shows that QBE 5555, the portfolio underwriting unit of the carrier’s Syndicate 2999, wrote 50% of Marsh’s ~$900mn Fast Track facility for 2026.

It also takes a 28.1% share of ~$1.5bn Aon Client Treaty (ACT) and 25% on Willis’ Gemini.

QBE, Canopius and Beazley Smart Tracker Syndicate 5623 are known to lead a variety of smart-follow or portfolio vehicles and are understood to be the only three Lloyd’s carriers seen by the Corporation as capable of leading large cross-class vehicles.

Canopius 4444 has a 35% participation on Fast Track, as well as 31.3% on Gemini and 11.4% on ACT.

Beazley’s Smart Tracker Syndicate 5623 also participates on all three facilities, with its largest line on ACT at 11.4%, as well as 6.3% on Gemini and 5% on Fast Track.

While some of the leads of the trio of facilities have been previously disclosed by the brokers or revealed through media coverage, the full list of each facility’s participants, and their shares on each vehicle, is based on data seen by Insurance Insider.

Outside the ‘lead followers’, only Arch supports all three broker facilities, with participations of 10% or less.

Allied World and Axis both support ACT and Gemini, while Liberty, Tokio Marine Kiln, Markel and MS Amlin only participate on ACT.

Gemini is supported by eight carriers, of which two participate only on Gemini among the three tracker facilities: Hiscox and Axa XL.

The data shows carriers participating on each of the three trackers write the same line across each line of business included in the facility.

This differs from some smaller facilities, in which participating carriers may write differing shares on various lines within the vehicle.

The data also reveals the extent of the expansion of ACT since its 2016 launch, with 10 carriers now on the deal.

The facility takes a 28.5% line across the ~$5bn core lines placed through Aon’s Global Broking Centre in London, which totals at around $1.4bn-$1.5bn.

QBE has been a long-term supporter and leader on the facility, which brought Markel, Axis and MS Amlin onboard when it expanded in 2025 to its current participation level of 28.5%.

Similarly, both Marsh and Gemini have recently grown their facilities, although some of the new participants may not be included above as the data dates from the end of Q1.

Marsh launched Fast Track in April 2023 with QBE as lead, adding Canopius with a 2.5% line and Axa XL with a 1% share in November that year.

The broker announced last week that, as of 1 September this year, it will expand Fast Track’s line from 10% to 15%, while still providing a 2.5% discount to clients.

The figures above reflect Fast Track’s participations as of the end of March this year.

Similarly, Gemini expanded to a 16% line on in-scope risks in March this year, as revealed by this publication last week.

Willis launched Gemini in September 2025, with Canopius as its lead carrier, as revealed by Insurance Insider.

Aon, Arch, Axa XL, Allied World, Axis Capital, Beazley, Canopius, Liberty, Markel, Marsh, MS Amlin, QBE, Tokio Marine Kiln and Willis declined to comment.

Hiscox did not respond to requests for comment.

By Rachel Dalton, Ben Wylie
21 July, 2026

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