AIG Leads Launch of Reinsurance Syndicate at Lloyd’s

American International Group announced it has led the launch of a new reinsurance syndicate at Lloyd’s. Commencing underwriting from Jan. 1, 2025, Syndicate 2478 will be a multi-year participant on AIG’s outwards reinsurance program.

The syndicate, which will be managed by Talbot Underwriting Ltd. at Lloyd’s, has approved stamp capacity of $715 million for the 2025 year of account.

Syndicate 2478 will be supported by third-party capital from funds managed by Blackstone through Lloyd’s London Bridge 2 PCC structure. (LB2 is licensed to reinsure Lloyd’s businesses and issue securities, via debt or equity, to raise the capital to fully fund those transactions.)

Blackstone will act as investment manager for syndicate assets. The premium written by the syndicate will access risk from AIG’s global property & casualty 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 & Risk Capital Optimization, AIG, in a statement.

“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,” Fry said. “It is also a tremendous opportunity to access the Lloyd’s platform for bespoke and innovative transactions.”

Evercore, Aon plc and Debevoise & Plimpton LLP acted as advisers for AIG.

Source: AIG