Aon and funds managed by Blackstone launch Cortina, a new Lloyd's syndicate offering efficient, long-term capital to reinsurance clients

The syndicate will connect Blackstone-managed capital with eligible Aon-arranged reinsurance treaties, with QBE overseeing underwriting.

Rhea-AI Summary

Blackstone (BX)-managed funds and Aon (AON) launched Cortina, a new Lloyd's syndicate intended to provide dedicated, multi-year reinsurance capacity.

Cortina syndicate 1956 intends to begin underwriting on 1 January 2027, subject to final Lloyd's approval. It received in-principle approval on 16 October 2026 and must complete the remaining approval actions. QBE will oversee underwriting and governance as managing agent. For participating clients, Cortina will write three percent of eligible property catastrophe excess-of-loss treaties and five percent of other eligible treaties arranged by Aon. Participating clients will receive a dividend based on Cortina's share of their reinsurance programs. The partners expect the structure to bring long-term institutional capital into reinsurance.

3 points · 0 major

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0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointCortina's launch establishes a partnership for Blackstone-managed funds to provide dedicated, multi-year reinsurance capacity.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cortina will write three percent of eligible Aon-arranged property catastrophe excess-of-loss treaties for participating clients.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cortina will write five percent of all other eligible Aon-arranged treaties for participating clients.

Negative

• Minor pointFinal Lloyd's approval remains pending for Cortina's intended underwriting start on 1 January 2027.

News Explained

Under its stated lead/follow approach, Cortina follows the lead reinsurers’ terms and claims decisions on each placement, rather than setting them itself.

Key Figures

Property catastrophe treaty share: 3% Other eligible treaty share: 5% In-principle approval: October 16, 2026 +2 more

Property catastrophe treaty share

3%

Eligible property catastrophe excess-of-loss treaties arranged by Aon

Other eligible treaty share

5%

All other eligible treaties arranged by Aon

In-principle approval

October 16, 2026

Lloyd's Council approval; final permission remains pending

Expected underwriting start

January 1, 2027

Subject to final Lloyd's approval

Financial strength rating

A+

Lloyd's syndicate rating stated for Cortina

Key Terms

cedents, excess-of-loss, managing agent

3 terms

cedents technical

"pass that efficiency on to cedents"

Cedents are insurance companies or entities that transfer some of the risk they underwrite to another firm (a reinsurer) in exchange for payment. For investors, cedents matter because this transfer changes the original insurer’s balance of risk and capital—similar to a homeowner paying a neighbor to cover part of a risky repair—affecting the insurer’s potential losses, premiums, and financial stability.

excess-of-loss technical

"eligible property catastrophe excess-of-loss treaties"

A type of non‑proportional reinsurance in which the reinsurer pays losses only after the ceding insurer’s retained loss (the “priority” or deductible) is exceeded, and then only up to a preset limit; the reinsurer covers the excess between the retention and the treaty limit. It can be written per risk, per occurrence (event), or on an aggregate basis for a period, and the cedent keeps small losses while transferring the financial impact of large losses to the reinsurer.

managing agent technical

"QBE, which will be responsible for the syndicate's underwriting and governance"

An individual or firm appointed under a contract to run day-to-day management or specified operational duties on behalf of another party (such as a company, trust, fund, creditor or insurance syndicate). A managing agent acts with authority given in the agreement — making decisions, signing documents and carrying out tasks that the principal delegates — but does not thereby become the owner; the scope of its powers, any reporting duties and legal responsibilities (including possible fiduciary obligations) are set by the management contract and applicable law. Think of it as a hired manager who has been given defined authority to operate and represent the principal for specified functions.

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• Participating Aon clients benefit from the efficient structure through a client dividend
• Operating within Lloyd's, with QBE as Managing Agent, Cortina is expected to begin underwriting from 1 January 2027

DUBLIN, Nov. 6, 2026 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, and funds managed by Blackstone (NYSE: BX), the world's largest alternative asset manager, today announced the launch of Cortina syndicate 1956, a new Lloyd's syndicate that will provide dedicated, multi-year reinsurance capacity, broaden the capital available to clients and support the continued growth and resilience of the reinsurance marketplace.

Cortina received Lloyd's Council's "in principle" approval on 16 October 2026 and is continuing to work with Lloyd's to complete the necessary "Making It Happen" actions in advance of granting of permission to underwrite from 1 January 2027. 

Cortina's efficient operating model will bring long-term institutional capital into the market and pass that efficiency on to cedents. Clients will benefit from the economic efficiencies of Cortina's structure via a dividend based on Cortina's share of their reinsurance programs. The syndicate will offer following capacity on all eligible treaties, subject to a defined framework, providing clients with a stable source of capacity across renewal cycles. For participating clients, Cortina will write three percent of eligible property catastrophe excess-of-loss treaties and five percent of all other eligible treaties arranged by Aon.

Cortina will complement traditional reinsurers through a conventional "lead/follow" approach. The syndicate follows the terms and claims decisions set by the lead reinsurer(s) on each placement, so that underwriting expertise stays at the center of every program. Cortina provides clients with the financial security of a Lloyd's syndicate (A+ financial strength rating) and one of the market's largest and most experienced Managing Agents, QBE, which will be responsible for the syndicate's underwriting and governance. Cortina intends to begin underwriting from 1 January 2027, subject to final Lloyd's approval.

"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 CEO, 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."

"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," said Jon Gray, President and Chief Operating Officer, Blackstone. "We remain strong supporters of continued innovation at Lloyd's and are long-term investors in the sector. This partnership will help meet clients' evolving needs while supporting the market's long-term growth."

"Cortina is a first-of-its-kind model for reinsurance capacity at Lloyd's," said Jason Harris, QBE International CEO. "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."

"Lloyd's takes pride in being a market of firsts and in being the most capital-efficient marketplace in the world to connect capital to insurance risk," said Patrick Tiernan, Chief Executive, Lloyd's. "By structuring this transaction at Lloyd's, we see the marriage of new long-term capital through our London Bridge 2 framework, with the highest underwriting and oversight standards to create long term value for clients, investors and the marketplace. This is total innovation in action."  

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon's newsroom and sign up for news alerts here.

About Blackstone
Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's nearly $1.4 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com.

Follow @blackstone on LinkedIn, X (Twitter), and Instagram. 

About QBE
QBE International is a global risk partner specialising in commercial insurance and reinsurance, helping businesses grow with confidence in an increasingly uncertain risk environment. We bring together a broad product range spanning sectors including marine, energy, aviation, property, casualty, financial lines and portfolio solutions, as well as new economy sectors such as data centers, renewables and cyber. Behind every policy is a team that combines specialist underwriting, claims and risk expertise to serve clients globally.

QBE International is part of QBE Insurance Group, one of the world's leading international insurers and reinsurers and Standard & Poor's AA- rated. Listed on the Australian Securities Exchange, QBE's gross written premium for the year ended 31 December 2025 was US$24.0 billion.

Media Contacts

Aon
mediainquiries@aon.com
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024

Blackstone
Matt Thomas
Matthew.Thomas@Blackstone.com
 +44 7350 445003

QBE
Alexis Burris +44 203 465 3921 alexis.burris@qbe.com
Georgie Hall +44 7890 647 808 georgie.hall@qbe.com 

 

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SOURCE Aon plc

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Blackstone and Aon's Cortina syndicate begin underwriting?

Cortina intends to begin underwriting on 1 January 2027, subject to final Lloyd's approval. It received in-principle approval on 16 October 2026 and is completing the necessary approval actions before permission to underwrite can be granted.

How will Blackstone and Aon's Cortina syndicate make underwriting and claims decisions?

Cortina will follow the terms and claims decisions set by the lead reinsurers on each placement. It will operate through a conventional lead/follow approach, with QBE responsible for the syndicate's underwriting and governance as managing agent.