London Bridge 2 PCC Ltd. news

In a world where competition for capital continues to accelerate, the Lloyd’s insurance and reinsurance market aims to create more flexibility for capital entering and investing there, recognising that its unique structure can help allocators access more risk per unit of capital than elsewhere.

During the AIG fourth-quarter earnings call today CEO Peter Zaffino highlighted the insurer’s launch of two sidecar-style syndicates at Lloyd’s and said the company has a “strong pipeline of SPV opportunities” suggesting future third-party capital partnerships may be expected.

The London insurance and reinsurance market need to build on the success seen with the Lloyd’s insurance-linked securities structure London Bridge 2 PCC, as ILS remains a real opportunity to support market growth despite the UK ILS regime having stalled, Chris Lay, Chair of the London Market Group (LMG) trade body has said.

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.

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.

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.

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.

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.

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.

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.