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.
Howden Re, the global reinsurance broker, has appointed Grace Kavanagh as a Director within the firm’s Capital Solutions team, who joins with extensive market insight as well as strong carrier and client relationships.
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Ariel Re has returned to the catastrophe bond market initially seeking $125 million of US multi-peril retrocession, but for the first time the reinsurer is using the Lloyd’s insurance-linked securities structure for this London Bridge 2 PCC Limited (Titania Re 2026-1) issuance, Artemis can report.
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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.
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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.
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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.
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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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