Ki is a fully digital and algorithmically-driven Lloyd’s syndicate that will be launched by Brit in Q4 2020

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Ki will be a new Lloyd’s syndicate that will be 100% digital and algorithmically-driven. (Credit: phogel from Germany/

UK-based specialty insurer Brit has secured a capital commitment of $500m from funds managed by Blackstone Tactical Opportunities and Fairfax Financial towards launching a new standalone business called Ki.

Ki will be a fully digital and algorithmically-driven Lloyd’s syndicate, which is set to launch in the fourth quarter of this year.

According to Brit, the capital commitment will help in funding the new company’s expansion besides enabling it to grow quickly to a considerable scale.

Brit CEO and Ki chairman Matthew Wilson said: “Our Partnership with Fairfax and Blackstone on the launch of Ki will allow the business to reach its full potential with significant committed capital.

“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.”

The newly created follow-only digital business will write its first risk in January 2021.

Ki to write a wide range of specialty business

Ki will underwrite by using an algorithm-driven approach and provide instant follow capacity via its digital platform. It is expected to write a wide variety of specialty business by following various lead syndicates in the Lloyd’s market, which includes Brit.

Ki’s creation was first announced by Brit in May 2020.

The new Lloyd’s syndicate will aim to cut down the amount of time taken for brokers to place their follow capacity by a significant extent.

The company’s algorithm has been developed with the backing of University College London.

The algorithm will evaluate the policies of Lloyd’s and quote for business automatically via a round-the-clock available digital platform built by Google Cloud.

Brit said that the digital platform can be directly accessed by brokers.

Blackstone senior managing director Qasim Abbas said: “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.

“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.”