AIG Launches Reinsurance Syndicate 2478 at Lloyd's with Blackstone

American International Group Inc. (AIG) has announced the launch of Syndicate 2478 at Lloyd's, a reinsurance syndicate that will begin underwriting on January 1, 2025. The syndicate, managed by Talbot Underwriting Limited, will participate in AIG's outward reinsurance program under a multiyear agreement.

Syndicate 2478 has an approved stamp capacity of $715 million for the 2025 Year of Account. It will be supported by third-party capital from funds managed by Blackstone, utilizing Lloyd's London Bridge 2 PCC structure. Blackstone will serve as the investment manager for the syndicate's assets.

The premium written by Syndicate 2478 will tap into risks from AIG's global property and casualty businesses, which are highly diversified.

"The launch of Syndicate 2478 is a significant endorsement of the quality of our property and casualty underwriting portfolio and demonstrates the strength of our strategic relationships with Blackstone and Lloyd's – distinct advantages that set AIG apart," Charlie Fry, executive vice president of reinsurance and risk capital optimization at AIG, said. "AIG is one of the largest and most sophisticated buyers of reinsurance globally, and this multiyear 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."

Evercore, Aon plc, and Debevoise & Plimpton LLP acted as advisers to AIG for this initiative.