Aon and Blackstone launch a follow-only reinsurance syndicate at Lloyd's

Cortina 1956 will run on a lead/follow model: on every placement the lead reinsurer sets price, terms and claims decisions, and the syndicate follows them as they stand. The Council of Lloyd's granted in-principle approval on 16 October, and according to Artemis final approval is pending. QBE is the managing agent and the capital comes from Blackstone funds.

Artemis' sources say the arrangement covers roughly 1.6 billion dollars of premium, with funding of around 500 million dollars under discussion; the companies have disclosed neither figure. Participating clients will receive a dividend in proportion to the syndicate's 3–5% share of their programmes and benefit from the Lloyd's A+ rating.

The timing falls in the middle of a softening market. According to JP Morgan, property catastrophe prices fell 16% at the July 2026 renewal, and another double-digit decline is expected on 1 January 2027. In its 6 November report, Artemis wrote that Cortina has reignited the debate over whether the market needs more capacity at a time of intensifying competition.

Capital is entering Lloyd's through more than one channel. On 5 November Allianz Commercial 1893, a direct underwriting syndicate, also announced a 1 January 2027 start with in-principle approval. If both syndicates go live on the same date, Lloyd's will enter 2027 with capacity expanding as prices fall.