Allianz announced a strategic partnership with Oaktree Capital Management that will bring a new reinsurance syndicate to the Lloyd’s market and deepen the insurer’s access to long-term third-party capital.
Under the agreement, Oaktree will establish Lloyd’s Syndicate 1890, which is scheduled to begin underwriting on Jan. 1, 2026.
The syndicate will also act as a multi-year participant on Allianz’s outward reinsurance programs.
Through the Lloyd’s platform, Allianz locks in multi-year, AA-rated capacity while tapping growing capital-market appetite for insurance risk.
The structure gives Allianz operational flexibility and room to scale, while keeping reinsurance strategy tightly controlled.
Syndicate 1890 will assume a share of Allianz Group’s outward reinsurance portfolio, which spans a broad mix of global risks.
Oaktree will fund the syndicate and serve as investment manager for its assets, combining underwriting exposure with active capital management.
Thorsten Fromhold, chief group reinsurance officer at Allianz SE Reinsurance, said the deal reflects the depth and consistency of Allianz’s underwriting portfolio.
He said the multi-year arrangement complements existing relationships with traditional reinsurers and strengthens Allianz’s overall resilience. Using Lloyd’s, he added, allows Allianz to structure transactions that stay tailored rather than off-the-shelf.
Allianz’s underwriting portfolio is marked by its quality and diversity, making it a strong candidate for strategic reinsurance partnerships. The launch of this Lloyd’s syndicate highlights the strength of the portfolio we are ceding and our consistent approach to reinsurance, which is an important contributor to Allianz’s resilience.
Thorsten Fromhold, Chief Group Reinsurance Officer, Allianz SE Reinsurance
“Our multi-year agreement with Oaktree will complement our existing strong relationships with traditional reinsurers. Leveraging the Lloyd’s platform allows us to pursue tailored and innovative transactions that enhance these partnerships,” Thorsten Fromhold said.
According to Beinsure, Oaktree brings a long track record in insurance-related investments and sees the syndicate as a practical bridge between asset management and reinsurance.
Managing director Chris Boehringer said Syndicate 1890 offers a model for how institutional capital can plug into insurance risk in a way that works for all sides. He pointed to the attractiveness of Allianz’s portfolio and Oaktree’s role in deploying capital with discipline.
We believe Syndicate 1890 is an important template for the convergence of alternative asset management and insurance, and will bring significant advantages to Allianz, Lloyd’s, and Oaktree.
Chris Boehringer, Managing Director at Oaktree
“We look forward to building this multi-year partnership with Allianz, which showcases both the attractiveness of the Allianz portfolio and Oaktree’s investment expertise and innovative approach to investing in insurance,” Chris Boehringer said.
Lloyd’s welcomed the move as another example of alternative capital flowing through its market. Dawn Miller, Lloyd’s chief commercial officer and chief executive of Lloyd’s Americas, said the structure highlights the platform’s efficiency in connecting risk and capital.
She said the syndicate reflects how Lloyd’s can support innovation under its London Bridge 2 framework.
Lloyd’s is delighted to welcome Syndicate 1890 to the market as it combines Allianz’s strongly performing reinsurance portfolio with Oaktree’s capital support and investment management capabilities.
Dawn Miller, Lloyd’s CCO and CEO of Lloyd’s Americas
“The choice of Lloyd’s for this structure reflects the efficiency and flexibility of our platform in connecting insurance risk with capital and enabling innovative solutions through London Bridge 2,” Dawn Miller said.
According to Beinsure, the partnership signals continued momentum behind hybrid reinsurance models.
Large insurers want stable, multi-year capacity. Asset managers want scalable exposure to insurance risk. Lloyd’s sits in the middle, quietly making the plumbing work.
