London Bridge 2 PCC Ltd. is the second UK regulated protected cell company to be established by the Lloyd’s insurance and reinsurance market for insurance-linked security (ILS) uses.
With London Bridge 2 PCC, Lloyd’s is making it easier for participants in its market to transact with insurance-linked securities (ILS) investors and to bring in alternative forms of capacity, from the capital markets, to assist their business.
The range of transactions that the new London Bridge 2 PCC can enter into is much broader than Lloyd’s first ILS structure, extending the usefulness of the vehicle and answering a lot of the requests that had been coming to the market from participants and investors.
London Bridge 2 PCC, the Lloyd’s of London insurance and reinsurance market’s insurance-linked securities structure, has been meaningfully used to channel new capital into the marketplace through the fourth-quarter of the year, according to Nick Donovan, Head of Market Development.
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Al Wathba Insurance, an insurance company based in the United Arab Emirates operating out of Abu Dhabi and Dubai, has become the first insurer from the region to access the Lloyd’s of London insurance and reinsurance market using its London Bridge 2 PCC insurance-linked securities structure.
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AIG has announced another special purpose vehicle launch in the Lloyd’s of London marketplace, as the insurer has partnered again with Blackstone on another sidecar-style syndicate, while this time distribution giant Amwins and artificial intelligence supplied by Palantir are also in the mix.
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Having recently launched the OAK Enterprise retrocession focused Syndicate 1440 at Lloyd’s, executives from the company spoke with Artemis to discuss the opportunity they see in writing retro with the backing and support of third-party capital investors, as well as use of the London Bridge ILS structure to channel funding.
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Beazley has secured the targeted $100 million of fully-collateralized reinsurance from its third natural catastrophe bond sponsorship, as the London Bridge 2 PCC Limited (Fuchsia 3 – 2025-1) notes have now priced roughly 21% below the initial mid-point of guidance, Artemis understands.
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Beazley has for a second time lowered the price guidance for its new $100 million London Bridge 2 PCC Limited (Fuchsia 3 – 2025-1) catastrophe bond deal, as the company looks to secure the targeted natural catastrophe reinsurance at an even keener risk interest spread, Artemis can report.
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Beazley continues to seek $100 million of natural catastrophe reinsurance through its third natural catastrophe bond, the London Bridge 2 PCC Limited (Fuchsia 3 – 2025-1) deal, but the company is aiming to capitalise on investor appetite and has lowered the price guidance for the notes, Artemis can report.
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Global player Allianz is partnering with investor Oaktree Capital Management to launch a reinsurance syndicate in the Lloyd’s market that will take a share of the re/insurer’s outwards reinsurance program, with funding channelled via the insurance-linked securities structure London Bridge 2 PCC.
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As Lloyd’s presence in the United States continues to grow, with more than half of the market’s business originating from North America, executives at Argenta Private Capital Limited (APCL) emphasise that investing in the Lloyd’s market presents a logical and underutilised pathway to returns for investors.
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Our latest video features the third panel discussion of the day at Artemis London 2025, a session focused on the non-catastrophe opportunities in ILS, from our fourth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.
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