Ki, the algorithmically driven follow-only syndicate operating in the Lloyd’s market, has reported improved underwriting performance for the six months ended 30 June 2026, alongside higher profit and premium growth.
Ki reported an adjusted undiscounted combined ratio of 85.4% for the first half of 2026, improving from 92.6% in the same period last year. The company also recorded an undiscounted combined ratio of 88.2%, compared with 95.9% a year earlier, while its discounted combined ratio was 75.6%, compared with 73.8% in H1 2025.
The company’s adjusted profit before tax increased by 22% to $75.6 million, up from $62.1 million in the first half of 2025. The company said the adjusted figures exclude non-recurring costs associated with establishing Ki as a standalone entity within the Fairfax Group.
Ki increased total gross managed premium (GMP) by 5.4% to $804.4 million, compared with $762.9 million in the prior-year period.
During the first half of the year, Ki also announced Tokio Marine Kiln as its fifth capacity partner, enabling brokers to access capacity from six Lloyd’s syndicates through the platform.
Mark Allan, CEO of Ki, commented: “I am pleased that we have continued the momentum we showed in our full year results into 2026. Ki has delivered a strong first half, with our performance reflecting the quality of our underwriting and the demand for our algorithmically written capacity.
“We have always been clear that Ki has been built to thrive through-the-cycle, and this is seen in the strength of our results, which reflects both disciplined underwriting and the genuine value Ki continues to deliver for brokers through our expanding distribution footprint. Taken together, these results demonstrate what Ki’s strategy is designed to deliver: discipline when markets conditions require it, while remaining well placed to capture opportunity through our nimble and scalable model.
“Looking ahead, we are building the infrastructure, relationships, and technology capabilities to meet future opportunities at pace and I am hugely excited by the trajectory of our business. As we continue to validate our unique approach and further digitise the follow market, my thanks go to the Ki team and to our broker and capacity partners for their ongoing support.”
