AIG launches Syndicate 2478 at Lloyd’s in partnership with Blackstone

AIG has announced the launch of Syndicate 2478 at Lloyd’s, set to begin underwriting on January 1, 2025.

Managed by Talbot Underwriting, the syndicate has a $715 million approved stamp capacity for its inaugural year and will support AIG’s global property and casualty reinsurance program.

The syndicate is backed by third-party capital from Blackstone, utilizing the Lloyd’s London Bridge 2 PCC structure. Blackstone will manage syndicate assets, leveraging AIG’s diverse underwriting portfolio.

This collaboration underscores AIG’s strategic relationships and reinsurance expertise, with Evercore, Aon, and Debevoise & Plimpton serving as advisers.

“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.” – Charlie Fry, Executive Vice President, Reinsurance & Risk Capital Optimization, AIG.