AIG, a leading global insurance organisation offering property & casualty insurance, life insurance, and retirement solutions, has announced the launch of Syndicate 2478 at Lloyd’s.
The syndicate is set to commence underwriting on 1 January 2025 and aims to strengthen AIG’s position in the global reinsurance market.
The move highlights AIG’s commitment to enhancing its reinsurance capabilities. It reflects the company’s strategy of leveraging strong partnerships and innovative platforms to optimise its underwriting portfolio and tap into new opportunities.
AIG is a globally recognised leader in insurance and reinsurance, providing a broad range of products and services to customers in over 80 countries. Its expertise spans property & casualty insurance, life insurance, retirement solutions, and financial services, catering to individuals, businesses, and institutions.
Syndicate 2478 will operate with an approved stamp capacity of $715m for the 2025 Year of Account. The syndicate is designed to be a multi-year participant in AIG’s outward reinsurance program, supported by third-party capital managed by Blackstone through Lloyd’s innovative London Bridge 2 PCC structure.
Blackstone will act as the investment manager for syndicate assets, ensuring the efficient allocation of capital. The syndicate will write premiums by accessing risk from AIG’s diversified global property & casualty businesses.
Talbot Underwriting Limited at Lloyd’s will manage Syndicate 2478. The initiative also showcases the strength of AIG’s partnerships with Blackstone and Lloyd’s, two strategic alliances that set the company apart in the reinsurance landscape.
Charlie Fry, executive vice president, reinsurance & risk capital optimisation, AIG, said, “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.”
He added, “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.”
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