The syndicate is set to begin underwriting from 1 January 2025. Credit: Evan El-Amin/Shuttertsock.

American International Group (AIG) has spearheaded the creation of a new reinsurance syndicate at Lloyd’s, known as Syndicate 2478.  

The syndicate is set to begin underwriting from 1 January 2025. 

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It will participate in AIG’s outward reinsurance programme, while accessing risk from its global property and casualty operations. 

Managed by Talbot Underwriting at Lloyd’s, Syndicate 2478 has an approved stamp capacity of $715m for the 2025 year of account.  

It will be backed by third-party capital from funds that Blackstone manages, utilising Lloyd’s London Bridge 2 PCC structure.  

Blackstone will also serve as the investment manager for the syndicate’s assets. 

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Evercore, Aon and Debevoise & Plimpton were advisors to AIG in this venture. 

AIG reinsurance & risk capital optimisation executive vice-president Charlie Fry 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. 

“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.” 

Earlier this month, AIG sold 120 million shares of Corebridge Financial to Nippon Life Insurance Company for $3.8bn (Y576.31bn).  

AIG offers insurance solutions for businesses and individuals in nearly 190 countries and jurisdictions.