American International Group (AIG), Amwins, and funds managed by Blackstone have decided to establish a new Lloyd’s syndicate insurance collaboration by forming Syndicate 2479.
The syndicate is scheduled to start underwriting activities on 1 January 2026.
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AIG will oversee initial premium volume of $300m.
The business will draw from Amwins’ delegated authority premiums, which total approximately $6bn.
Amwins CEO Scott Purviance said: “We are excited about this new partnership which allows us to invest aligned capital alongside our multiline dedicated underwriting portfolio.
“In addition, it will facilitate our ability to create new programmes and build long-term sustainable capacity. AIG’s underwriting knowledge and GenAI capabilities truly facilitated the creation of this new syndicate.”
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By GlobalDataAIG used Palantir’s Foundry platform during the assessment to verify its detailed analysis of the portfolio.
Over time, AIG intends to expand its use of Palantir’s Foundry platform and several large language model (LLMs) agents to retrieve information and examine risk features, allowing for comparisons between Amwins’ programme portfolio and the risk appetite of the syndicate.
AIG has also put in place an ontology designed to let LLMs access over four million industry data points to develop its underwriting processes for the Lloyd’s syndicate insurance collaboration.
AIG CEO & chairman Peter Zaffino commented: “Our partnership with Amwins and Blackstone represents the next level of innovation, technical modelling and use of GenAI for portfolio underwriting. To build a balanced portfolio across lines of business for AIG and our capital partners, we collaborated with Palantir to analyse the portfolio with specific characteristics.
“The formation of Syndicate 2479, which includes capital investment provided by Amwins and Blackstone, further advances our deployment of GenAI through a capability that can evaluate risk with more data and analytics at the individual level to optimize the special purpose vehicle.”
In October this year, AIG outlined plans to buy minority interests in both Convex Group, a specialist insurer, and asset manager Onex.
According to the proposed arrangements, AIG plans to acquire a 35% share in Convex Group for roughly $2.1bn and a 9.9% share in Onex Corporation for about $646m.
