Blackstone, Aon Set Up Lloyd’s Vehicle in Latest Insurance Push

Blackstone Inc. has set up a Lloyd’s of London syndicate with broker Aon Plc, as the world’s largest alternative asset manager muscles further into the insurance sector. Called Cortina, the syndicate will provide capital to back reinsurance contracts, according to a statement on Friday. The vehicle will take a 3% share of Aon-arranged contracts that cover insurers’ property portfolios once catastrophe losses exceed an agreed threshold, and 5% of all other eligible reinsurance deals facilitated by Aon. Insurance group QBE will be responsible for the syndicate’s underwriting and governance. The partnership “will broaden the pools of capital available to the reinsurance market, expanding capacity and strengthening resilience across market cycles,” said Blackstone President and Chief Operating Officer Jon Gray. While life insurance has long been a hunting ground for alternative asset managers like Blackstone, they are now increasingly pushing into property-and-casualty, or P&C, insurance. Alternative asset managers are drawn to the sector as gains and losses tend to be uncorrelated with wider financial markets. Insurers profit by collecting more in premiums than they pay out for claims, and by investing the premiums. P&C insurers and reinsurers generated an average 17% return on equity in 2025 after years of price increases, according to Aon, though global commercial insurance rates have fallen in recent quarters. Last year, Allianz SE and Oaktree Capital Management set up a reinsurance syndicate at Lloyd’s, the world’s biggest hub for commercial and specialty risk. Blackstone already backs a Lloyd’s reinsurance syndicate that takes on part of American International Group Inc.’s risks. In 2025, Blackstone said it will also back a new Lloyd’s syndicate that’s going to be run by Bermuda-based insurance underwriter The Fidelis Partnership. “As risks grow in scale and complexity, clients are looking for effective risk transfer solutions that consider all forms of available capital,” Aon Chief Executive Officer Greg Case said. Cortina plans to begin underwriting from Jan. 1, subject to final Lloyd’s approval. Photograph: The Lloyds of London headquarters in London; photo credit: Hollie Adams/Bloomberg Copyright 2026 Bloomberg. Topics Auto Excess Surplus Aon Lloyd's