Oaktree to manage Allianz reinsurance assets in new Lloyd’s syndicate
Oaktree Capital Management is set to manage a share of Allianz’s reinsurance assets under a new partnership.
The $218bn (£163.6bn) alternatives manager and the €761bn (£665.4bn) insurer will launch a new syndicate called Lloyd’s Syndicate 1890, providing them with multi-year, AA-rated reinsurance capacity. Syndicate 1890 is scheduled to begin underwriting in January 2026.
Oaktree will both fund the vehicle and act as investment manager for its assets.
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According to Allianz, Lloyd’s Syndicate 1890 positions it to gain growing interest among asset managers, such as those within private credit, for insurance risk and to secure access to third-party capital.
The syndicate will take a share of the Allianz Group’s outwards reinsurance programme.
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“Allianz’s underwriting portfolio is marked by its quality and diversity, making it a strong candidate for strategic reinsurance partnerships,” said Thorsten Fromhold, chief group reinsurance officer at Allianz SE Reinsurance. “The launch of this Lloyd’s syndicate highlights the strength of the portfolio we are ceding and our consistent approach to reinsurance, which remains an important contributor to Allianz’s resilience.”
The partnership is another sign that alternative managers are moving into insurance balance sheets, following similar moves by Blackstone, which partnered with AIG, and Apollo, which owns and manages Athene.
“We believe Syndicate 1890 is an important template for the convergence of alternative asset management and insurance, and will bring significant advantages to Allianz, Lloyd’s and Oaktree,” said Chris Boehringer, managing director at Oaktree. “We look forward to building this multi-year partnership with Allianz, which showcases both the attractiveness of the Allianz portfolio and Oaktree’s investment expertise and innovative approach to investing in insurance.”
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