Aon has partnered alternative asset manager Blackstone to launch Cortina syndicate 1956, a new reinsurance vehicle at Lloyd’s. Cortina has received in principle approval from Lloyd’s and is working to secure the additional permissions required to begin underwriting on 1st January 2027.

The syndicate will provide multi-year reinsurance capacity. For participating clients, Cortina will write 3% of eligible property catastrophe excess-of-loss treaties and 5% of all other eligible treaties arranged by Aon. QBE will act as the syndicate’s managing agent, overseeing its underwriting and governance.

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

Jon Gray, president and chief operating officer at Blackstone, added: “The partnership with Aon and QBE will broaden the pools of capital available to the reinsurance market, expanding capacity and strengthening resilience across market cycles.”