Is the Cortina syndicate at Lloyd's just another soft market manifestation of the following, or tracker trend? Or does it portend something more structural?
Cortina: Clearing the floor for reinsurance’s next act?
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Cortina: Just a soft market trend, or clearing the floor for reinsurance’s next act?
 Cortina has raised a lot of questions in the market, as to whether the recently launched Aon structured and Blackstone backed reinsurance facility at Lloyd’s is simply the latest iteration of a soft market trend and evolution of following, tracker style capacity, or something more portending of future market developments.
A Cortina is a specific tango-related phrase, a brief musical interlude within the Argentine milonga (a social tango event), used to signal the end of one dance, the clearing of the floor for a new set of dancers, and it often signals a structural change to the rhythm that has been played. Apply that to reinsurance and the Lloyd’s market and Cortina becomes a signal of something potentially more meaningful and perhaps ominous, than just an extension of Aon’s Client Treaty with a single backer.
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