Blackstone and Aon Launch Cortina Reinsurance Syndicate at Lloyd's
Blackstone and Aon plc launched the Cortina syndicate to provide long-term institutional capital and multi-year reinsurance capacity to the Lloyd's marketplace.
Aon plc and funds managed by Blackstone have launched Cortina syndicate 1956, a new Lloyd's syndicate designed to bring long-term institutional capital and multi-year reinsurance capacity to the insurance marketplace. Operating with QBE as the Managing Agent, the syndicate is scheduled to begin underwriting on January 1, 2027, following an in-principle approval from the Lloyd's Council on October 16, 2026.
Cortina utilizes a lead-follow approach, adhering to the terms and claims decisions of lead reinsurers. The initiative leverages the London Bridge 2 framework to connect new capital with established underwriting standards. Under the new structure, Cortina will write five percent of eligible treaties arranged by Aon and three percent of eligible property catastrophe excess-of-loss treaties. Participating Aon clients will receive a dividend based on Cortina's share of their reinsurance programs.
The partnership aims to expand the market's capacity to take risk and close protection gaps. Blackstone executives characterized the move as part of a long-term investment in the sector, while Aon leadership noted that clients increasingly require risk transfer solutions that utilize all available forms of capital.
