AIG, in partnership with Amwins and funds managed by Blackstone, is launching a new Lloyd’s syndicate, Syndicate 2479, featuring a novel structure that brings together a specialty distributor, an insurer and a Lloyd’s platform backed by third-party capital.
According to AIG, the portfolio reflects a broad and highly diversified cross-section of Amwins’ roughly $6 billion in delegated authority premiums.
As part of its assessment, AIG deployed Palantir’s Foundry platform to validate its detailed analysis of the portfolio.
Looking ahead, the insurer said it will continue to use Foundry, alongside multiple large language model agents, to rapidly retrieve data and assess defined risk characteristics, helping determine how Amwins’ program business aligns with the syndicate’s risk appetite.
In parallel, AIG has developed an ontology enabling large language models to access more than four million industry data points, further enhancing its underwriting capabilities.
Peter Zaffino, Chairman & CEO, AIG, commented, “Our partnership with Amwins and Blackstone represents the next level of innovation, technical modeling 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 optimise the special purpose vehicle.
“We believe this capability will unlock future opportunities for expansion and innovation in specialty and other lines of business.”
Scott Purviance, CEO, Amwins, 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 programs and build long-term sustainable capacity. AIG’s underwriting knowledge and GenAI capabilities truly facilitated the creation of this new syndicate.”
Dr Alex Karp, Palantir CEO and co-founder, added, “We’re proud to partner with AIG in its visionary approach to transform the insurance industry. AIG’s deployment of Palantir’s software helps drive new partnership opportunities and efficiencies as exemplified by this new SPV.”
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