Global insurance firm American International Group, Inc (AIG) has led the launch of a new reinsurance syndicate at the specialist Lloyd’s marketplace, which will be a multi-year participant on the firm’s outwards reinsurance program.
Syndicate 2478 will commence underwriting from January 1st, 2025, and will be managed by Talbot Underwriting Limited at Lloyd’s.
The new reinsurance syndicate has approved stamp capacity of $715 million for the 2025 Year of Account and will be supported by third-party capital from funds managed by Blackstone, who will act as investment manager for syndicate assets, via the Lloyd’s London Bridge 2 PCC structure.
AIG explains that the premium written by Syndicate 2478 will access risk from its highly diversified global property and casualty businesses.
Charlie Fry, Executive Vice President, Reinsurance & Risk Capital Optimization, AIG, said: “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.
“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.”
Evercore, Aon, and Debevoise & Plimpton acted as advisers for AIG.
