Global insurer Allianz has secured multi-year AA-rated capacity through a partnership with Oaktree Capital Management LP, which will see the investment manager establish a new reinsurance group in the specialist Lloyd’s insurance and reinsurance market.
Syndicate 1890 will commence underwriting on January 1, 2026 and will participate as a multi-year partner in Allianz’s outward reinsurance program.
The new syndicate enables Allianz to capitalize on the capital markets’ growing interest in insurance risks and third-party capital.
Oaktree Capital, which has extensive expertise and investment track record in the re/insurance space, will provide capital to Syndicate 1890 and act as investment manager of its assets. London Bridge 2 Protected Cell Company (PCC) provided the funding for the new syndicate.
Thorsten Fromhold, chief group reinsurance officer at Allianz SE Reinsurance, said: “Allianz’s underwriting portfolio is marked by its quality and diversity, making it a strong candidate for a strategic reinsurance partnership. The launch of the Lloyd’s syndicate underlines the strength of the portfolio we are relinquishing 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 Lloyd’s platform will enhance these partnerships by enabling us to pursue innovative, tailored transactions.”
Allianz noted that Lloyd’s structure supports reinsurers/insurers’ continued growth and innovation in risk transfer by both improving operational efficiencies and providing flexibility for future growth.
Chris Boehringer, Managing Director at Oaktree, commented: “We are delighted to launch this innovative reinsurance group with Allianz within the Lloyd’s ecosystem. We believe in Syndicate 1890 is an important template for the convergence of alternative asset management and insurance and will bring significant advantages to Allianz, Lloyds and Oaktree. We look forward to this multi-year partnership with Allianz, which demonstrates both the attractiveness of Allianz’s portfolio and Oaktree’s investment expertise and innovative approach to insurance investing. “
Dawn Miller, Chief Commercial Officer at Lloyd’s and CEO of Lloyd’s Americas, added: “Lloyd’s is delighted to welcome Syndicate 1890 to the market as it combines Allianz’s strong reinsurance portfolio with Oaktree’s capital backing and investment management capabilities. Lloyd’s has chosen this structure to reflect the efficiency and flexibility of our platform in connecting insurance risk with capital and enabling innovative solutions through London Bridge 2.”
