AIG has announced the launch of a new reinsurance syndicate at Lloyd’s, set to participate in the firm’s multi-year outwards reinsurance program. The syndicate, named Syndicate 2478, will start underwriting on January 1, 2025, under the management of Talbot Underwriting Limited at Lloyd’s.
Syndicate 2478 has secured an approved stamp capacity of $715 mn for the 2025 Year of Account. Advisers for the launch of Syndicate 2478 included Evercore, Aon, and Debevoise & Plimpton
The syndicate will be backed by third-party capital from funds managed by Blackstone, which will oversee syndicate assets through the Lloyd’s London Bridge 2 PCC structure.
The syndicate will source risk from its global property and casualty businesses, which are highly diversified.
Charlie Fry, Executive Vice President of Reinsurance & Risk Capital Optimization at AIG, highlighted the strategic value of the initiative.
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
Charlie Fry, Executive Vice President of Reinsurance & Risk Capital Optimization at AIG
Fry also highlighted the broader impact of the partnership, noting that AIG is one of the world’s largest reinsurance buyers. He described the arrangement with Blackstone as a reflection of AIG’s strong underwriting expertise and the opportunity to utilize the Lloyd’s platform for custom and innovative transactions.
