Aon and funds managed by Blackstone, the New York-based alternative asset manager, have officially launched Cortina, a new reinsurance syndicate at Lloyd’s of London, opening another channel of capital for clients navigating increasingly complex risks.

Cortina Syndicate 1956 is expected to begin underwriting on Jan. 1, 2027, pending final approval from Lloyd’s. QBE will serve as its managing agent, Aon said Friday.

The syndicate will take on 3% of eligible property catastrophe excess-of-loss treaties and 5% of all other eligible treaties arranged by Aon for participating clients. Rather than charting its own course on individual placements, Cortina will follow the terms and claims decisions established by the lead reinsurers, according to Aon.

Clients participating in the arrangement will receive a dividend tied to Cortina’s share of their reinsurance programs, the company said.

A New Source of Capital as Risks Grow

The launch comes as insurers and businesses confront risks that are expanding in both scale and complexity, pushing the market to consider a wider range of capital solutions.

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

The new syndicate adds another layer to Aon’s efforts to broaden reinsurance capacity for clients, with the company announcing a separate expansion earlier in the week.

Aon Expands Follow-Form Facility

On Wednesday, Aon said it had increased its automatic follow-form co-insurance facility for 2027. The facility will cover 35% of eligible placements, up from 28.5%, the company announced.

The expansion and Cortina’s launch reflect a broader push to bring additional capital into reinsurance arrangements, as market participants seek ways to manage exposures and transfer risk.

Allianz Also Plans Lloyd’s Syndicate

Aon and Blackstone are not alone in preparing a new Lloyd’s operation for 2027.

Allianz Commercial said Thursday that it plans to establish a direct underwriting syndicate, Allianz Commercial 1893. The operation is also expected to begin underwriting on Jan. 1, 2027, subject to final regulatory approval.

Polo Managing Agency will serve as managing agent for the Allianz syndicate.

With Cortina and Allianz Commercial 1893 both targeting the start of 2027, Lloyd’s is poised to see new underwriting capacity enter the market as insurers and reinsurers respond to evolving risks and demand for coverage.