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

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

• 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.

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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.

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Blackstone
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QBE
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