Aon launches new Lloyd’s syndicate offering multiyear reinsurance capacity

Aon and funds managed by Blackstone have launched Cortina Syndicate 1956, a new Lloyd’s syndicate designed to provide long-term reinsurance capacity.

The syndicate received in-principle approval from Lloyd’s on 16 October 2026 and is expected to begin underwriting from 1 January 2027, subject to final approval.

Cortina will bring institutional capital into the reinsurance market and provide following capacity on eligible treaties arranged by Aon.

Under the model, the syndicate will write 3% of eligible property catastrophe excess of loss treaties and 5% of other eligible treaties.

QBE has been appointed as managing agent and will oversee the syndicate’s underwriting and governance.

“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 chief executive at Aon.

“Cortina is bringing additional, long-term capital through Blackstone together with QBE’s expertise and the strength of Lloyd’s to expand the market’s capacity to take risk, help close protection gaps and enable greater resilience, investment and growth.”

Capacity model

Cortina will operate using a conventional lead-follow structure, following the terms and claims decisions established by lead reinsurers on individual placements.

Aon said the structure is designed to provide clients with a stable source of capacity across renewal cycles while retaining existing underwriting expertise.

Participating clients will also benefit from the economic structure through a dividend based on Cortina’s share of their reinsurance programmes.

“Cortina is a first-of-its-kind model for reinsurance capacity at Lloyd’s,” said Jason Harris, QBE International chief executive.

“As managing agent, we bring deep, specialist underwriting expertise and our leading Lloyd’s capability to a syndicate that combines long-term institutional capital with stable, disciplined reinsurance capacity.

”It also gives us the opportunity to further grow our business through an innovative model. For QBE Re, the strategy remains unchanged, a continued focus on building long-term partnerships.”