American International Group has led on the launch of a new reinsurance syndicate at Lloyd’s. Syndicate 2478 will commence underwriting from 1st January 2025, and will be a multi-year participant on AIG’s outward reinsurance programme.
The syndicate, which will be managed by Talbot Underwriting, has approved stamp capacity of US$715m for 2025. Syndicate 2478 will be supported by third-party capital from funds managed by Blackstone through the Lloyd’s London Bridge 2 PCC structure.
Blackstone will act as investment manager for syndicate assets. The premium written by the Syndicate will access risk from AIG’s global P/C businesses.
“The launch of Syndicate 2478 is a significant endorsement of the quality of our property & casualty underwriting portfolio and demonstrates the strength of our strategic relationships with Blackstone and Lloyd’s – distinct advantages that set AIG apart,” said Charlie Fry, executive vice-president, Reinsurance and Risk Capital Optimisation, AIG. “AIG is one of the largest and most sophisticated buyers of reinsurance globally and this multi-year agreement with Blackstone highlights the attractiveness of our underwriting performance and expertise. It is also a tremendous opportunity to access the Lloyd’s platform for bespoke and innovative transactions.”
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