AIG launches 'largest-ever' new syndicate at Lloyd’s

American International Group (AIG) has launched a new syndicate at Lloyd's that will exclusively reinsure risks from AIG’s Private Client Group (PCG).

According to AIG, Syndicate 2019 is the "largest ever" new syndicate launched through Lloyd’s, backed by "significant capital support from high-quality investors".

In combination with its existing Lloyd’s operations, AIG will now operate the ninth largest managing agency in the Lloyd’s market, in terms of capacity.

Syndicate 2019 is managed by Talbot Underwriting, the managing agency AIG acquired in 2018 as part of the Validus transaction. It will offer coverages including homeowners, auto, collections, yacht, personal umbrella and specialty coverage for earthquake, excess flood and workers compensation.

“Syndicate 2019 is a unique and industry-defining structure between AIG and the oldest insurance market in the world," said Peter Zaffino, president & global chief operating officer of AIG. "Our partnership with Lloyd’s will materially benefit PCG’s clients and enable our High Net Worth business to further capitalize on its pre-eminent market position."

Zaffino added: “For AIG, this transaction represents a continuation of our strategy to optimize our General Insurance portfolio, create additional products for clients, diversify our capital base, and improve the quality of our earnings to drive value for all our stakeholders.”