AIG has announced the launch of Syndicate 2478 at Lloyd’s. Managed by Talbot Underwriting, the syndicate has received approval for a US$715 million stamp capacity for its inaugural year.

Syndicate 2478 will support AIG’s global property and casualty reinsurance program. The syndicate is backed by third-party capital from Blackstone, using the Lloyd’s London Bridge 2 PCC structure. Blackstone will manage syndicate assets, leveraging AIG’s diverse underwriting portfolio.

The collaboration underscores AIG’s strategic relationships and reinsurance expertise. Evercore, Aon, and Debevoise & Plimpton served as advisors on the transaction.

Charlie Fry, Executive Vice President, Reinsurance & Risk Capital Optimization, AIG.  “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.”

Fry added: “It is also a tremendous opportunity to access the Lloyd’s platform for bespoke and innovative transactions.”