American Worldwide Group introduced it has led the launch of a brand new reinsurance syndicate at Lloyd’s. Commencing underwriting from Jan. 1, 2025, Syndicate 2478 shall be a multi-year participant on AIG’s outwards reinsurance program.
The syndicate, which shall be managed by Talbot Underwriting Ltd. at Lloyd’s, has authorized stamp capability of $715 million for the 2025 12 months of account.
Syndicate 2478 shall be supported by third-party capital from funds managed by Blackstone by way of Lloyd’s London Bridge 2 PCC construction. (LB2 is licensed to reinsure Lloyd’s companies and situation securities, by way of debt or fairness, to boost the capital to completely fund these transactions.)
Blackstone will act as funding supervisor for syndicate property. The premium written by the syndicate will entry threat from AIG’s international property & casualty companies.
“The launch of Syndicate 2478 is a major endorsement of the standard of our property & casualty underwriting portfolio and demonstrates the energy of our strategic relationships with Blackstone and Lloyd’s – distinct benefits that set AIG aside,” mentioned Charlie Fry, govt vp, Reinsurance & Danger Capital Optimization, AIG, in an announcement.
“AIG is without doubt one of the largest and most refined patrons of reinsurance globally and this multi-year settlement with Blackstone highlights the attractiveness of our underwriting efficiency and experience,” Fry mentioned. “It’s also an incredible alternative to entry the Lloyd’s platform for bespoke and modern transactions.”
Evercore, Aon plc and Debevoise & Plimpton LLP acted as advisers for AIG.
Supply: AIG
Matters
Excess Surplus
Reinsurance
Lloyd’s
AIG
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