Insurance Daily News

Aon and Blackstone Launch New Lloyd’s Syndicate, Cortina

Aon and funds managed by New York-based alternative asset manager Blackstone have unveiled Cortina, a new reinsurance syndicate operating within the Lloyd’s of London market. Designated as syndicate 1956, the entity is scheduled to commence underwriting on January 1, 2027, pending final approval from Lloyd’s.

QBE has been appointed as the managing agent for the new venture. Under the established structure, Cortina will underwrite 3% of eligible property catastrophe excess-of-loss treaties and 5% of all other eligible treaties arranged by Aon for its clients. The syndicate will adhere to the terms and claims decisions established by lead reinsurers on each placement. Furthermore, participating clients are set to receive dividends determined by Cortina’s share of their respective reinsurance programs.

This development follows Aon’s recent expansion of its automatic follow-form co-insurance facility, which will cover 35% of eligible placements in 2027, an increase from 28.5%. Additionally, Allianz Commercial announced plans to launch its own Lloyd’s direct underwriting syndicate, Allianz Commercial 1893, also targeting a January 1, 2027, start date with Polo Managing Agency as the managing agent.

The move highlights a broader trend of brokers and insurers seeking to integrate alternative capital and follow-form mechanisms directly into reinsurance placements to address increasingly complex risk environments.

Why it matters

The launch of Cortina signals a strategic shift toward integrating alternative capital directly into reinsurance placements, offering new capacity and dividend structures for clients.

FAQ

When is Cortina expected to begin underwriting?
Cortina syndicate 1956 is expected to begin underwriting on January 1, 2027, subject to final approval from Lloyd’s.

Who is the managing agent for Cortina?
QBE will act as the managing agent for the Cortina syndicate.

What is the underwriting capacity for Cortina?
The syndicate will write 3% of eligible property catastrophe excess-of-loss treaties and 5% of all other eligible treaties arranged by Aon for participating clients.

Source: Business Insurance. See the original source for full details.