London Bridge 2, the Lloyd’s insurance-linked securities (ILS) platform, has a full pipeline and by the end of this year it could have collected an additional $1.2 billion, according to Lloyd’s Chief Financial Officer (CFO), Burkhard Keese.
Delivering a keynote speech this morning at Artemis’ second catastrophe bond and ILS conference in London, Keese commented on growing demand for the Lloyd’s ILS platform.
“The good news for people who are in the ILS market, people are looking for capacity in the Lloyd’s market, we know this from discussions,” said Keese.
“We have a nice full pipeline in London Bridge 2, which indicates people are really looking actively for capital.
“I think by end of the year we will have collected another $500 million to $1.2 billion via London Bridge 2.
“So, I think really from the underwriting side there is demand for having this type of capital available, which is good,” he added.
Keese went on to note that Lloyd’s is hopeful it will have launched the first cat bond via its London Bridge 2 ILS structure, and that the marketplace is happy to accept further deals and looks forward to doing so.
The CFO also told the audience that the industry will soon see “the first XoL transaction in London Bridge 2.”