AIG, a global leader in insurance offering a comprehensive range of property & casualty insurance, life insurance, and retirement solutions, has officially launched Syndicate 2478 at Lloyd’s. This move is set to strengthen AIG’s position in the global reinsurance market, started its underwriting operations on January 1, 2025.
The creation of Syndicate 2478 underscores AIG’s commitment to expanding its reinsurance capabilities. This strategic initiative is aligned with the company’s broader plan to leverage robust partnerships and cutting-edge platforms, optimizing its underwriting portfolio and seizing new opportunities in the global reinsurance sector.
As a well-established player in the insurance and reinsurance industry, AIG serves customers in over 80 countries, providing an array of products and services across property & casualty, life insurance, retirement solutions, and financial services. Syndicate 2478 will operate with an approved stamp capacity of $715 million for the 2025 Year of Account and is intended to be a multi-year participant in AIG’s outward reinsurance program. This program will be supported by third-party capital managed by Blackstone, utilizing Lloyd’s innovative London Bridge 2 PCC structure.
Blackstone will act as the investment manager for the syndicate’s assets, ensuring efficient capital allocation. The syndicate will write premiums by tapping into risk from AIG’s diversified global property & casualty businesses, further expanding AIG’s presence in the reinsurance market. Talbot Underwriting Limited at Lloyd’s will manage Syndicate 2478, underscoring AIG’s strong partnerships with Blackstone and Lloyd’s—key alliances that distinguish the company in the competitive reinsurance landscape.
Charlie Fry, executive vice president of reinsurance & risk capital optimization at AIG, commented, “The launch of Syndicate 2478 is a strong endorsement of the quality of our property & casualty underwriting portfolio and highlights the strength of our strategic relationships with Blackstone and Lloyd’s, which provide us with distinct advantages in the reinsurance sector.”
He further emphasized, “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 also provides a tremendous opportunity to leverage the Lloyd’s platform for bespoke and innovative transactions.”
This development marks a significant step forward for AIG in its mission to optimize its global reinsurance strategy and create new opportunities in the ever-evolving reinsurance market.
