The risk was bound by Ki on its fully-aligned Lloyd’s Syndicate 1618, with Ki’s line having been 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.
This first risk cements the start of an exciting partnership between Ki and THB. Both firms share an ambition to transform the placement of follow business in Lloyd’s and ensure a sustainable future for the market.
Ki achieved ‘permission to underwrite’ from Lloyd’s on 7th October 2020. Syndicate 1618 is Ki’s fully aligned follow-only syndicate.
Mark Allan, CEO of Ki, commented: “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.”
Mark Cody, CEO of THB Worldwide Specialty Division, added: “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.”
The creation of Ki was first announced in May 2020. Ki will aim 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$500m of committed capital from two backers, funds managed by Blackstone Tactical Opportunities (“Blackstone”) and Fairfax Financial Holdings Limited.
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