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 sixth session at our Artemis London 2022 conference featured a panel discussion on the potential for London to build-out an increasingly vibrant hub for catastrophe bond and insurance-linked securities (ILS) activity.
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The fifth session at our Artemis London 2022 conference featured a keynote speech from the CFO and COO of Lloyd’s, Burkhard Keese, who explained Lloyd’s evolving approach to insurance-linked securities (ILS) and appetite to expand its use of ILS structures, to supply third-party capital to the market.
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Investing into the Lloyd’s insurance and reinsurance marketplace through its insurance-linked securities (ILS) structure has “unique capital efficiency” and Bill Cooper of TigerRisk believes the initiative could attract billions in funds from capital market investors.
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The Standards Board for Alternative Investments (SBAI), an organisation that looks to create consensus on issues of note and share knowledge in the alternative investments sector, has highlighted Lloyd’s managing agents as an entity similar to an asset manager.
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Specialty reinsurance firm Ariel Re has cited allocating capital to the Lloyd’s marketplace, through an entity such as itself, as a “compelling alternative to ILS investment manager fund structures,” as it announced becoming a Signatory of the Standards Board for Alternative Investments (SBAI).
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The new Lloyd’s sponsored protected cell company that was announced last week, London Bridge 2 PCC Ltd, represents “an efficient mechanism” for both existing and new investors to access risk from the Lloyd’s market, according to Clifford Chance.
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The announcement today of a new insurance-linked securities (ILS) structure for the Lloyd’s of London insurance and reinsurance market brings much greater flexibility to the way Lloyd’s participants can access the capital markets and investors access risk from underwriters in the market.
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Lloyd’s of London will today announce a significant expansion of its London Bridge insurance-linked securities (ILS) platform, with a plan to welcome more capital, new types of reinsurance transactions and make the transfer of different kinds of risks to capital market investors simpler.
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The Lloyd’s insurance and reinsurance market’s willingness to adapt its capital framework is seen as positive by broker Gallagher Re, who in a new report noted the use of ILS structure London Bridge Risk to bring in new capital, contributing to a healthy Funds at Lloyd’s market.
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Rating agency AM Best has maintained its outlook for the London insurance and reinsurance market at Stable, with improving access to third-party capital one of the key drivers.
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