Allianz, Oaktree Set Up Reinsurance Syndicate on Lloyd’s Market

Allianz SE and Oaktree Capital Management agreed to set up a reinsurance syndicate on the Lloyd’s of London market, the latest example of a private capital firm pushing into the non-life sector.

The vehicle, named “Syndicate 1890,” will begin underwriting from Jan. 1, according to a statement on Monday. It will receive a share of Allianz’s reinsurance programs while Oaktree will fund the syndicate and manage its assets. The amount Oaktree is putting into the vehicle is in the hundreds of millions of US dollars, according to a person familiar with the agreement.

The Lloyd’s syndicate allows Allianz to avoid ...