Strategic Collaboration: AIG Joins Forces with Amwins and Blackstone to Establish Lloyd’s Syndicate Powered by Palantir

American International Group (AIG) has announced a strategic partnership with specialty insurer Amwins and asset manager Blackstone to launch a new Lloyd’s syndicate. This collaboration leverages AIG’s relationship with Palantir to enhance portfolio assessment capabilities.

Syndicate 2479 is set to commence underwriting with an impressive $300 million in premium, managed by AIG’s Talbot Underwriting, starting January 1. This portfolio will represent a diverse cross-section of Amwins’ delegated authority premiums, which total approximately $6 billion.

To create a balanced portfolio tailored for this special purpose vehicle, Palantir’s Foundry—an ontology operating system—has been deployed. “Our partnership with Amwins and Blackstone signifies a new era of innovation, technical modeling, and the application of generative artificial intelligence (GenAI) in portfolio underwriting,” stated Peter Zaffino, AIG’s chairman and CEO.

Zaffino further elaborated, “The establishment of Syndicate 2479, backed by capital investments from Amwins and Blackstone, enhances our use of GenAI. This capability allows us to evaluate risks with greater data and analytics at an individual level, optimizing the special purpose vehicle. We believe this will unlock future opportunities for growth and innovation across specialty and other business lines.”

In the long run, this innovative structure will utilize Palantir’s Foundry and large language models to assess whether Amwins’ program portfolio aligns with Syndicate 2479’s risk appetite by analyzing risk characteristics. AIG has developed an ontology that enables the models to access over four million industry data points, significantly expanding underwriting capabilities.

Palantir’s CEO, Alex Karp, expressed pride in partnering with AIG, highlighting the transformative potential of this collaboration within the insurance sector. “AIG’s implementation of Palantir’s software fosters new partnership opportunities and efficiencies, as demonstrated by this new SPV,” he stated.

During an August conference call, Zaffino referenced AIG’s ongoing work with Palantir and others, emphasizing the company’s goal to “create a digital twin of our business.” He noted that ontology would serve as the foundation for technical reviews, equipping claims personnel with insights and tools to enhance decision-making and improve client service.

Ontology, in philosophical terms, is the study of being and existence. In the realm of AI, ontology provides the necessary concepts for AI to comprehend the data it processes, enabling it to generate operational results. A blog on Palantir’s website explains that ontology is crucial for decision-making within an enterprise.

Scott Purviance, CEO of Amwins, expressed enthusiasm for the partnership, stating, “This collaboration allows us to invest aligned capital alongside our multiline dedicated underwriting portfolio. It will also enhance our ability to create new programs and build long-term sustainable capacity. AIG’s underwriting expertise and GenAI capabilities have been instrumental in establishing this new syndicate.”

Topics
Excess Surplus
Lloyd’s
AIG