Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, announced the onboarding of its first trading partners to its proprietary digital platform, providing access to its algorithmic underwriting in readiness for writing business from Jan 1.
Ki said it is working with a leading group of Lloyd’s brokers including Aon, Aon Re, BGCI (including Ed and Besso), Bishopsgate, BMS, Gallagher, Guy Carpenter, Howden, Lockton, Lockton Re, Marsh, Miller, Price Forbes, AmWins / THB, Tysers, Willis, Willis Re.
Ki’s platform will allow each of these brokers to access follow capacity in a truly seamless fashion, said the company in a statement.
Ki has agreed to provide valuable capacity to each trading partner in 2021, giving their clients immediate security about placing business in Lloyd’s in 2021. This marks a Lloyd’s first, enabling seamless and instantaneous commitment of follow capacity in the market and comes on the back of the recent launch of Lloyd’s Blueprint Two.
“We are very proud to launch our digital platform with our initial trading partners and through collaboration with them we have already allocated the majority of our 2021 capacity, bringing valuable capacity and certainty to those brokers’ clients and business partners across 31 lines of business,” commented Dan Hearsum, managing director of Ki. “The response from our trading partners has been phenomenal, with real commitment shown to embrace this new chapter for Lloyd’s.”
Mark Allan, CEO of Ki, said: “We are delighted to have delivered the first digital follow syndicate in Lloyd’s, with the onboarding of these partners enabling their brokers to dramatically accelerate access to follow capacity for their clients. The simplicity of the platform aligned with the commitment of capacity brings much needed security to the market.”
The creation of Ki was first announced in May 2020. Ki aims to significantly reduce the amount of time taken for brokers to place their follow capacity.
Ki’s algorithm, developed with support from University College London, will evaluate Lloyd’s policies and automatically quote for business through an always available digital platform, built by Google Cloud and accessed directly by brokers.
Ki will write a broad range of specialty business following selected leaders in the Lloyd’s market, including Brit. Ki recently announced that is has raised US$500 million of committed capital from two backers, funds managed by Blackstone Tactical Opportunities (Blackstone) and Fairfax Financial Holdings Ltd.
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