As it looks to write its first risk incepting in January, 2021, new digitally driven Lloyd’s syndicate Ki is gearing up for action with a major investment.
The company has raised US$500 million courtesy of funds managed by Fairfax Financial Holdings and Blackstone Tactical Opportunities. The investment is set to assist Ki’s expansion as it looks to grow at a significant scale.
“Our partnership with Fairfax and Blackstone on the launch of Ki will allow the business to reach its full potential with significant committed capital,” said Matthew Wilson, CEO of Brit and chairman of Ki. “Blackstone has a phenomenal track record and is entering the Lloyd’s market at a pivotal moment, with increased acceptance of digital models and a flight to quality.”
Ki is set to write a broad range of specialty business following selected leaders in the Lloyd’s market and CEO Mark Allan, who is also group CFO at Brit, believes securing such support is a huge statement of confidence.
“Blackstone’s commitment to Ki completes our world-class group of partners with Fairfax, Brit, Google Cloud and UCL already supporting the business,” he said. “With our investors, we have the financial firepower to rapidly scale the business and support our plan to provide a truly differentiated offering to brokers and clients.”
Meanwhile, senior managing director at Blackstone Qasim Abbas noted that a “unique opportunity” awaits the brand.
“Matthew, Mark and the rest of the Ki team have created a unique opportunity in Lloyd’s to revolutionise the market and we are excited to be a part of this, in partnership with Fairfax,” he said. “Ki’s first-of-its-kind digital model will deliver a unique advantage to its’ business partners which we believe will enable it to build to significant scale, while its algorithmically-driven approach represents an important evolution in the portfolio management of specialty risks.”
