Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, announced it has bound its first risk with THB, the International broking arm of global specialty wholesale broker, AmWINS Group Inc.
The risk was bound by Ki on its Lloyd’s Syndicate 1618, with Ki’s line generated by its proprietary algorithm. This represents a first for the Lloyd’s market, as Ki breaks new ground as the first algorithmically driven Lloyd’s syndicate.
Ki and THB “share an ambition to transform the placement of follow business in Lloyd’s and ensure a sustainable future for the market,” said Ki in a statement.
Ki Syndicate 1618 received permission to underwrite from Lloyd’s on Oct. 7, 2020 after first announcing its plans to launch in May.
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 a 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.
“Being able to announce the first risk bound through Ki is a significant moment, completing our journey from concept to reality. We’re pleased to be partnering with THB/AmWINS and their commitment to the platform is a strong statement of the value we are bringing to brokers and their clients,” commented Mark Allan, CEO of Ki.
Mark Cody, CEO of THB Worldwide Specialty Division, said: “We are delighted to be the first to bind a risk with Ki, and are excited about the start of a significant partnership. The value of Lloyd’s can be dramatically enhanced through the use of technology and Ki embodies the entrepreneurial spirit of the market. Our clients and trading partners will see tangible value from THB securing Ki’s capacity on their placements for 2021 and beyond.”
Ki recently announced it has raised US$500m of committed capital from two backers, funds managed by Blackstone Tactical Opportunities and Fairfax Financial Holdings Ltd.
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