Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, is pleased to announce that Travelers and Aspen will offer additional follow capacity through its digital platform from 1 January 2024.
As part of this significant strategic milestone, Ki will become the first algorithmic underwriter in the market to offer additional capacity from multiple syndicates.
The capacity will be available across Ki’s open market classes of business in the Property, Casualty and Specialty divisions.
Ki’s brokers and clients will continue to benefit from its efficient digital platform and immediate response to quote requests, with the platform also facilitating follow capacity offers from the partners alongside the existing Ki 1618 line.
The multi-year partnerships with Travelers and Aspen, alongside Ki’s own growth plans for Syndicate 1618, will see Ki materially increase the follow capacity it is able to offer from 1 January 2024, subject to Lloyd’s approval.
Ki has grown significantly since its launch in 2020, expanding its capacity and line size each year. The new partnership capacity being added in 2024 will further enhance its proposition as a compelling way for brokers to seamlessly complete placements in Lloyd’s.
We are delighted to be launching these ground-breaking partnerships to accelerate the adoption of digital follow in the Lloyd’s market.Mark Allan, CEO of Ki
Ki will significantly expand the follow capacity available through algorithmic underwriting, marking a major step towards a fully digital follow market.
Matthew Wilson, CEO of Travelers Europe, said: “Innovation and digitisation are significant drivers for the continued evolution of the insurance industry.”
“Lloyd’s is an important platform for Aspen, and one we have successfully grown in recent years with our syndicate now one of the top performers in the market”, sayd Mark Cloutier, Executive Chairman and Group CEO of Aspen.
“We have been clear in our aspiration to continue to grow our presence in Lloyd’s and our long-term partnership with Ki will form an important part of this. Mark and the team have built an outstanding platform that has already been enthusiastically adopted by the broking community, we look forward to working closely with them as partners.”
Ki was the first fully digital algorithmically driven syndicate in collaboration with Google and UCL. Ki achieved the largest syndicate launch in the history of Lloyd’s, having raised $500m of capital from Blackstone and Fairfax.
Ki is transforming the follow market within Lloyd’s by revolutionising the broker and client experience, taking an algorithmic approach to underwriting and creating a learner operation model to benefit all market participants in the long term.
Ki can underwrite 31 classes of business, deploying follow capacity when the policy is underwritten by Brit, in a lead or follow capacity, or when it is led by one of its nominated leaders. So long as this criteria is met, Ki will offer an instant line, every time.
by Peter Sonner