Ki, the first fully digital and algorithmically driven Lloyd’s syndicate, announced that Travelers and Aspen will offer additional follow capacity through its digital platform from Jan. 1, 2024.

As a result of this partnership, 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 said that brokers and clients will continue to benefit from its digital platform and immediate response to quote requests, with the platform also facilitating follow capacity offers from the partners alongside the existing line for Ki Syndicate 1618.

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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 Jan. 1, 2024, subject to Lloyd’s approval.

In a separate announcement, said the multi-year partnership will see Aspen increase its follow capacity by $100 million, to complement its existing capacity through Aspen’s Syndicate 4711. Travelers did not release the amount of its capacity provision.

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,” commented Mark Allan, CEO of Ki.

“As a result, Ki will significantly expand the follow capacity available through algorithmic underwriting, marking a major step towards a fully digital follow market,” Allan said. “We are pleased to partner with Travelers and Aspen, two leading companies in our sector, who share our vision of a more efficient follow market and we look forward to working closely with them as long-term partners.”

“Innovation and digitisation are significant drivers for the continued evolution of the insurance industry,” according to Matthew Wilson, CEO of Travelers Europe. “We are pleased to partner with Ki on this opportunity as their platform creates efficiencies for an important segment of the London insurance market and provides a better experience for brokers, customers and carriers.”

“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,” said 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,” Cloutier continued.

About Ki and Brit

Ki is the first fully digital and algorithmically driven Lloyd’s syndicate, offering instant capacity, accessible anywhere, at any time. Managed by Brit Syndicates Ltd., Ki writes follow-only business written by Brit or other “nominated” syndicates across 36 classes of business. A global specialty insurer and reinsurer, Brit is a subsidiary of Fairfax Financial Holdings Ltd.

Source: Ki