Aon, Blackstone Launch New Lloyd's Reinsurance Syndicate

Aon and funds managed by Blackstone have announced the launch of Cortina syndicate 1956, a new Lloyd's syndicate designed to provide multiyear reinsurance capacity backed by institutional capital.

The syndicate received in-principle approval from the Lloyd's Council on October 16, 2026, and is expected to begin underwriting January 1, 2027, subject to final regulatory approval. QBE will serve as managing agent, overseeing underwriting and governance.

Cortina will provide additional capacity for eligible reinsurance treaties arranged by Aon. Under the proposed structure, the syndicate will assume 3 percent of eligible property catastrophe excess-of-loss treaties and 5 percent of other eligible treaties for participating clients.

The syndicate will operate under a traditional lead-follow reinsurance model, accepting the terms and claims decisions established by lead reinsurers on each placement. This arrangement allows Cortina to participate in reinsurance programs without independently setting underwriting terms.

Participating Aon clients will receive a dividend based on Cortina's share of their reinsurance programs. The dividend is intended to pass along economic efficiencies associated with the syndicate's operating structure.

Cortina will operate within the Lloyd's market, which holds an A+ financial strength rating. Its structure is intended to provide reinsurance capacity across multiple renewal cycles, with capital supplied through funds managed by Blackstone.

"As risks grow in scale and complexity, clients are looking for effective risk transfer solutions that consider all forms of available capital," said Greg Case, president and CEO of Aon.

Jon Gray, president and chief operating officer of Blackstone, said the partnership would broaden the sources of capital available to the reinsurance market.

QBE International CEO Jason Harris said the arrangement would allow QBE to expand its business while maintaining its existing QBE Re strategy.

The syndicate will use Lloyd's London Bridge 2 framework, which facilitates investment in insurance and reinsurance risks by institutional capital providers.

Cortina must complete Lloyd's remaining approval requirements before receiving permission to begin underwriting in 2027.