Brit said it Lloyd’s trading platform Ki Financial will operate as a standalone company within the Fairfax Financial Services group beginning Jan. 1, 2025.
Ki was incubated and launched by Brit in 2020 and began writing business in 2021 with its Lloyd’s Syndicate 1618, Brit said in a statement. Ki was one of the largest start-up syndicates in the history of Lloyd’s and the first digital follow syndicate.
Over the last four years, Ki has grown significantly and evolved to become a digital follow platform offering capacity from multiple syndicates with over $1 bn of gross written premiums written through the platform in 2024
Brit said Ki has reached scale and developed its operations to enable it to operate as a separate company within Fairfax.
It will continue to maintain a close partnership with Brit as a nominated lead across all classes with changes to corporate structure and operations that won’t impact how brokers trade with Ki or Ki’s appetite in any class of business.
Fairfax Financial Holdings said it fully owns Brit after paying Ontario municipal employee pension plan OMERS approximately $383 mn for its 13.8% share.
Brit recently said Ki Financial Ltd., its Lloyd’s trading platform, will start operating as a standalone company within Fairfax Financial Services group at the start of the year.
“The scale, sophistication and growth potential of Ki makes this a natural next step, enabling both companies to focus on their core strengths in lead and follow respectively,” Martin Thompson, chief executive officer, Brit Group, said in a statement.
Ki’s achievements since its launch in 2020 validates our unique approach to digital fast-follow, built on underwriting discipline. The support we have had from the market highlights the collective belief in the benefits of a digitally enabled trading environment
Mark Allan, CEO, Ki
According to Brit, Ki is the first fully digital and algorithmically driven Lloyd’s underwriting platform. It offers instant capacity from multiple Lloyd’s syndicates.
Ki Syndicate 1618 is managed by Brit Syndicates.
Bermuda-domiciled Brit Re acts primarily as an internal reinsurer for affiliates Lloyd’s Syndicate 2987 and Brit UW Ltd. AM Best said in a credit rating affirmation Brit Re put in place this year a new growth strategy focusing on third-party business outside of Brit Group, to expand its property/casualty and specialty reinsurance lines.
