AIG just announced a Lloyd's syndicate with Blackstone + Amwins.

The interesting part isn't "PE buys insurance" (that's Apollo / KKR).

It's: Blackstone provides sidecar capital, AIG provides AI underwriting (via Palantir), Amwins provides customers.

AIG becomes a tech platform that earns fees. Blackstone gets underwriting upside without owning an insurer.

Different flavor of PE + insurance convergence.