Brit’s digital Lloyd's syndicate Ki binds first risk with THB/AmWins

Brit's algorithmically-driven, follow-only Lloyd's syndicate Ki has bound its first risk with THB, the international broking arm of global specialty wholesale broker AmWINS Group.

Ki went live last week with broker trading partners 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.

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.

Ki achieved ‘permission to underwrite’ from Lloyd’s earlier in October. It aims to significantly reduce the amount of time taken for brokers to place their follow capacity.

The follow-only syndicate recently announced that it has raised $500m of committed capital from funds managed by Blackstone Tactical Opportunities and Fairfax Financial Holdings.

Mark Allan, CEO of Ki, said: “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.”