London Bridge Risk PCC Ltd. news
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 insurance and reinsurance market is understood to be in active discussion with financial market regulators over an expansion of the regulatory approvals for its insurance-linked securities (ILS) structure London Bridge Risk PCC. Lloyd's launched the vehicle over a year ago now and the London Bridge Risk PCC Ltd. structure read the full article →
As many Lloyd’s and London market insurers retreat from the catastrophe space, amid elevated losses and the uncertain but increasing impacts of climate change, some underwriters could look to alternative reinsurance capital sources to help maintain their cat portfolios. Insurance and reinsurance broker Howden’s London Market Appetite survey, published today, shows read the full article →
At a time when London's market share in reinsurance has stagnated, the insurance-linked securities (ILS) sector in the United Kingdom and its failure to gain traction so far is an example of regulation failing to support the market's ambitions, representatives of the House of Lords heard in a hearing yesterday. Yesterday, read the full article →
Speaking to insurance-linked securities (ILS) funds and investors in 2022, the London insurance and reinsurance market is seen as a venue where deploying capital to access differentiated insurance or reinsurance-linked returns is increasingly attractive, but still ease of access is cited as a problem. The insurance-linked securities (ILS) community is gaining read the full article →
A UK parliamentary group, the House of Lords Industry and Regulators Committee, has launched an inquiry into commercial insurance and reinsurance regulation, to assess its effects on the competitiveness of the London market. The timing is interesting, given just last week we reported that the United Kingdom’s Prudential Regulatory Authority (PRA), read the full article →
Nephila Capital's new specialty lines focused Syndicate 2358 at Lloyd's was funded via the market's insurance-linked securities (ILS) structure, London Bridge Risk PCC. The new specialty syndicate launch was announced by the world's largest ILS investment manager Nephila Capital earlier this morning. As we explained at the time, our sources had said read the full article →
According to a study undertaken by Aon’s UK Capital Advisory team alongside the Lloyd’s Market Association (LMA), some syndicates at Lloyd's have been frustrated by the LCM5 catastrophe controls, while not every player has an appetite for third-party capital or to use the London Bridge Risk PCC ILS structure. An online read the full article →
The London Bridge Risk PCC insurance-linked securities (ILS) structure that enables quota share access to the Lloyd's insurance and reinsurance market for third-party investors helps to "simplify" investment structures for the first backer of a deal, Ontario Teachers’ Pension Plan (OTPP). As we explained towards the end of October, Lloyd’s was read the full article →
According to CEO John Neal, Lloyd's is on the verge of securing the backing of insurance-linked securities (ILS) capital for three of its syndicates, which we understand are the first transactions to utilise its London Bridge Risk PCC special purpose structure. Neal was speaking this week during a virtual fireside chat read the full article →
The London insurance and reinsurance market is experiencing its best conditions in decades, according to analysts from investment bank Jefferies, which means it is no surprise that insurance-linked securities (ILS) fund managers are increasingly looking to access business there. We've noted an uptick in interest in accessing reinsurance related returns from read the full article →