Beazley to offer additional follow capacity to Brit’s Lloyd’s syndicate Ki
Brit Insurance’s algorithmically driven Lloyd’s follow syndicate Ki has partnered with Beazley to offer additional follow capacity from Beazley syndicate 2623 and 623 on its digital platform from April.
Ki said it is a “major milestone” in its journey to simplify and digitise the follow market across the London market. Ki has grown its capacity and line size each year since its 2021 launch.
The capacity will be available across Ki’s open market classes of business in the property, casualty and specialty divisions, delivering a more efficient means through which brokers can complete placements in Lloyd’s.
Beazley joins Aspen, Travelers and Ki Syndicate 1618 to offer additional follow capacity to Ki.
Ki believes the multi-year partnership with Beazley, alongside the existing multi-year partnerships with Travelers and Aspen, and growth plans for Syndicate 1618, will “materially increase” the follow capacity it is able to offer in 2024.
Mark Allan, CEO of Ki, said: “We are delighted to launch our partnership with Beazley by adding their capacity to the Ki platform. Our vision is of an efficient digital follow market in Lloyd’s and the potential for technology to shape the future of our market. Ki’s partnership model and approach to algorithmic underwriting will accelerate the adoption of digital follow in Lloyd’s.”
Adrian Cox, CEO of Beazley, said: “We are pleased to be partnering with Ki and learning more about the capabilities of follow only algorithmic underwriting for open market business, having been an early mover in the follow market for facilities and consortia via Syndicate 5623. As a market leader we believe automatic-follow solutions bring welcome efficiency to the expertise-led underwriting for which our marketplace is rightly known.”
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