Blackstone and Aon launch Lloyd’s syndicate to expand reinsurance capital

Blackstone has joined with Aon to create a Lloyd’s of London syndicate named Cortina, aiming to provide capital for reinsurance contracts. The syndicate will take a 3% share of Aon-arranged contracts covering insurers’ property portfolios above catastrophe thresholds, and 5% of other eligible reinsurance deals. QBE will oversee underwriting and governance for the new vehicle.

The move is part of a broader trend of alternative asset managers entering the property-and-casualty insurance sector, attracted by returns that are less tied to wider financial markets. Blackstone’s latest syndicate follows similar activity from Allianz and Oaktree, and adds to Blackstone’s existing Lloyd’s reinsurance partnerships. According to Aon, P&C insurers and reinsurers averaged a 17% return on equity in 2025, though commercial insurance rates have recently declined.

For insurance executives, the arrival of new capital from asset managers may bring more competition and capacity to the reinsurance market, affecting pricing and risk appetite. The syndicate’s launch is subject to final Lloyd’s approval, with underwriting expected to start in January.