Lloyd’s approves Syndicate 1890 as Allianz teams up with global investment firm

Allianz has formed a strategic partnership with Oaktree Capital Management to launch a new reinsurance syndicate at Lloyd’s, providing the insurer with multi-year AA rated capacity through the London market.

The new vehicle, Syndicate 1890, will begin underwriting on 1 January 2026 and will take a share of Allianz Group’s outwards reinsurance programmes. The syndicate will be funded by Oaktree, which will also act as investment manager.

Allianz said the partnership would give it access to third party capital via the Lloyd’s platform, which it viewed as offering operational efficiencies and flexibility to expand its risk transfer strategy.

Thorsten Fromhold, chief group reinsurance officer at Allianz, said the launch demonstrated the quality of the business Allianz planned to cede. He noted that the “highly diversified” portfolio positioned the insurer well to enter into long-term arrangements with both traditional reinsurers and the capital markets.

Fromhold said the agreement would “complement our existing strong relationships” and allow Allianz to pursue tailored transactions through Lloyd’s. He added that this approach remained an important contributor to the group’s resilience.

Alternative capital for Allianz

Chris Boehringer, managing director at Oaktree, said Syndicate 1890 represented a new model for convergence between alternative asset managers and insurance. He said the partnership showcased the attractiveness of Allianz’s underwriting book, as well as Oaktree’s “investment expertise and innovative approach” to the sector.

Dawn Miller, chief commercial officer and chief executive at Lloyd’s Americas, welcomed the move. She said the structure demonstrated Lloyd’s flexibility in connecting reinsurance buyers with capital and referenced London Bridge 2 as supporting this type of arrangement.

Lloyd’s has continued to promote its capital vehicles initiative to attract alternative capital into the market, particularly for large multiline portfolios.

Syndicate 1890 will receive business from Allianz’s global book from 2026 and is expected to operate as a multi-year partner on the insurer’s outward placements.