London Bridge Risk PCC Ltd. was the first insurance-linked securities (ILS) structure to be established by the Lloyd’s insurance and reinsurance market, set up in early 2021.
A UK regulated protected cell company, London Bridge Risk PCC Ltd. had a relatively narrow scope of permissions that restricted its use to quota share reinsurance with a Lloyd’s member.
While this satisfied some market participants and investors use-cases, Lloyd’s established a second ILS structure named London Bridge 2 PCC Ltd. in August 2022 that had significantly expanded scope to transact reinsurance in multiple forms.
The Lloyd’s market continues to see strong investor appetite for access to the insurance and reinsurance linked returns that the market can generate and its London Bridge 2 insurance-linked securities (ILS) structure has become a key conduit for funds to enter the market, CEO Patrick Tiernan said today.
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Highlighting achievements from 2024 when $1.92 billion of capital was deployed through the Lloyd’s insurance-linked securities (ILS) structure, Deputy CFO Alexandra Cliff said today that the pipeline for the London Bridge platform remains healthy.
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Lloyd’s of London CFO Burkhard Keese is to depart the market to focus on investment roles in the German insurance sector, but he is set to remain a strategic advisor with a focus on developing the risk transfer vehicle London Bridge 2.
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The Lloyd’s insurance and reinsurance market has reported that its London Bridge risk transformation and insurance-linked securities (ILS) platform has now seen $1.92 billion of capital deployed through its cells, with $2.55 billion of capital committed.
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Broking giant Aon has announced the hire of Ed Thomas as its new Head of Lloyd’s Capital, with the new addition bringing experience gained in the development of the London Bridge insurance-linked securities structures specific to the Lloyd’s marketplace.
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Broking giant Aon has announced the hiring of Will Allen, formerly of investment bank KBW and one of the co-founders of London Innovation Underwriters, to its Reinsurance Capital Advisory team where part of his role will involve raising capital to support Funds at Lloyd’s (FAL) and London Bridge ILS structures.
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While the Lloyd’s of London insurance and reinsurance marketplace has been advancing an innovation and modernisation agenda in recent years, broker Aon believes the market’s insurance-linked securities (ILS) ambitions could help it harness the progress its made.
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Des Potter, a Special Advisor for Lloyd’s and a former Guy Carpenter executive and ILS specialist, has asserted that Lloyd’s has “a pivotal role to play” in restoring investor confidence in the ILS class via its London Bridge 2 platform.
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London market insurance and reinsurance players need to be able to attract and efficiently deploy third-party capital, if they are to take advantage of the growth opportunities available to them, rating agency AM Best has said.
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Global reinsurance company Ariel Re continues to seek new and efficient ways to enhance its capital-base, with the latest example a $270 million raise to support 2023 expansion, $170 million of which is channelled via Lloyd’s London Bridge 2 PCC insurance-linked securities (ILS) structure.
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