Global insurer Allianz has teamed up with asset manager Oaktree Capital Management to launch a new reinsurance syndicate at Lloyd’s that will take a share of Allianz’s outward reinsurance programme, with funding routed through the London Bridge 2 PCC insurance‑linked securities structure. According to the original report and Allianz’s media release, Oaktree will establish Syndicate 1890, which is scheduled to start underwriting on 1 January 2026 and participate as a multi‑year partner in Allianz’s reinsurance tower. [1][2]
The move follows a broader market trend of insurers partnering with institutional investors to create Lloyd’s‑based syndicates that operate like sidecars , providing dedicated reinsurance capacity funded by third‑party capital. Industry commentary and reporting show this model has proliferated as insurers seek capital market alternatives to traditional reinsurance, and asset managers look to access insurance‑linked returns and premium float. [1][3][7]
Under the arrangement, Oaktree will both fund Syndicate 1890 via the London Bridge 2 PCC ILS vehicle and act as the syndicate’s investment manager. Allianz and market reports indicate the vehicle is expected to take a quota‑share style slice of Allianz’s diversified underwriting portfolio, providing a broadly diversified book of reinsurance business to the new Lloyd’s syndicate. [1][2][4]
Channeling the capital through London Bridge 2 also delivers an AA‑rated capacity profile for Allianz, market sources say, with the Lloyd’s platform offering the operational and regulatory framework that makes such third‑party capital efficient to deploy. Lloyd’s own recent activity on the London Bridge platform , including the first 144A catastrophe bond issued through London Bridge 2 PCC , underscores the platform’s growing role in connecting insurance risks with capital markets. [1][2][5][6]
Thorsten Fromhold, Chief Group Reinsurance Officer, Allianz SE Reinsurance, said: “Allianz’s underwriting portfolio is marked by its quality and diversity, making it a strong candidate for strategic reinsurance partnerships. The launch of this Lloyd’s syndicate highlights the strength of the portfolio we are ceding and our consistent approach to reinsurance, which is an important contributor to Allianz’s resilience. Our multi‑year agreement with Oaktree will complement our existing strong relationships with traditional reinsurers. Leveraging the Lloyd’s platform allows us to pursue tailored and innovative transactions that enhance these partnerships.” The company framed the arrangement as a way to “capitalize on the growing appetite of capital markets for insurance risks and access to third party capital.” [1][2]
Chris Boehringer, Managing Director at Oaktree, added: “We are excited to launch this innovative reinsurance syndicate together with Allianz, and within the Lloyd’s ecosystem. We believe Syndicate 1890 is an important template for the convergence of alternative asset management and insurance, and will bring significant advantages to Allianz, Lloyd’s, and Oaktree. We look forward to building this multi‑year partnership with Allianz, which showcases both the attractiveness of the Allianz portfolio and Oaktree’s investment expertise and innovative approach to investing in insurance.” Lloyd’s commercial leadership welcomed the addition, noting the structure reflects the efficiency and flexibility of the Lloyd’s platform in connecting insurance risk with capital. [1][2]
The Allianz‑Oaktree deal is one of several recent examples of the model: market reporting highlights Blackstone’s partnerships with AIG and The Fidelis Partnership to launch Lloyd’s syndicates, and approval for Lloyd’s specialist Apollo to launch a sidecar‑style syndicate. These transactions have similarly used London Bridge 2 PCC to provide a streamlined route for institutional capital into Lloyd’s risk‑bearing capacity. The repeat use of the platform signals growing comfort among both insurers and investors with regulated, rated syndicate structures as a conduit for insurance‑linked capital. [1][5][6]
For Allianz, the arrangement offers multi‑year, rated reinsurance capacity and the operational flexibility to expand or innovate its risk‑transfer solutions; for Oaktree and similar managers, the attraction is access to insurance returns plus the asset management economics associated with investing and managing underwriting float. Industry sources say such partnerships are likely to remain a feature of the reinsurance landscape as capital markets continue to seek exposure to insurance risk within well‑regulated structures. [1][2][3][4]
📌 Reference Map:
##Reference Map:
- [1] (Artemis) - Paragraph 1, Paragraph 2, Paragraph 3, Paragraph 4, Paragraph 5, Paragraph 6, Paragraph 7, Paragraph 8
- [2] (Allianz media release) - Paragraph 1, Paragraph 3, Paragraph 5, Paragraph 8
- [3] (Insurance Business) - Paragraph 2, Paragraph 8
- [4] (Reinsurance News) - Paragraph 3, Paragraph 8
- [5] (Lloyd’s press release) - Paragraph 4, Paragraph 7
- [6] (Insurance Business US) - Paragraph 4, Paragraph 7
- [7] (The Insurer) - Paragraph 2, Paragraph 8
Source: Noah Wire Services