Digital and algorithmically powered Lloyd’s follow platform Ki has struck a multi-year alliance with Beazley, which will see the latter’s capacity added to Ki’s platform.
Starting 2 April 2024, Beazley syndicate 2623/623 will provide additional follow capacity through Ki’s digital services.
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The deal forms part of Ki’s efforts to streamline and digitalise the follow market.
Since its inception in 2021, Ki claims to have increased its capacity and line size each year.
The latest move is expected to offer enhanced value to brokers and their clients by expediting the uptake of digital follow solutions within the London insurance market.
It will enable brokers to access Beazley’s capacity across Ki’s range of open market classes, including property, casualty, and specialty divisions.
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By GlobalDataThis integration aims to offer a more efficient method for brokers to finalise placements at Lloyd’s.
Ki CEO Mark Allan said: “We are delighted to launch our partnership with Beazley by adding their capacity to the Ki platform. Our vision is of an efficient digital follow market in Lloyd’s and the potential for technology to shape the future of our market. Ki’s partnership model and approach to algorithmic underwriting will accelerate the adoption of digital follow in Lloyd’s.”
Beazley CEO Adrian Cox said: “We are pleased to be partnering with Ki and learning more about the capabilities of follow only algorithmic underwriting for open market business, having been an early mover in the follow market for facilities and consortia via Syndicate 5623.
“As a market leader we believe automatic-follow solutions bring welcome efficiency to the expertise-led underwriting for which our marketplace is rightly known.”
With the addition of Beazley, Ki’s platform now has capacity from four Lloyd’s syndicates, including Aspen, Travelers, and Ki Syndicate 1618.
The collaboration with Aspen and Travelers was announced in October 2023 and they began offering additional follow capacity through Ki’s digital platform from 1 January 2024.
Ki secured $500m in committed capital from Blackstone and Fairfax in September 2020.
