Ki, the first fully digital and algorithmically-driven Lloyd’s of London syndicate, has announced a partnership with Travelers and Aspen which will offer additional follow capacity through its digital platform from January 1, 2024.
As a result of this major collaboration, Ki will become the first algorithmic underwriter in the market to offer additional capacity from multiple syndicates.
According to Ki, the capacity will be available across the firm’s open market classes of business in the property, casualty and specialty divisions.
At the same time, Ki’s brokers and clients will also continue to benefit from its digital platform and immediate response to quote requests.
It has also been confirmed, that the platform will also facilitate follow capacity offers from the partners alongside the existing Ki 1618 line.
Moreover, these multi-year partnerships with both Travelers and Aspen, alongside Ki’s own growth plans for Syndicate 1618, will see the company materially increase the follow capacity it is able to offer from January 1 2024, subject to Lloyd’s approval.
Since its launch in 2020, Ki has grown considerably across the industry, expanding its capacity and line size each year.
It is very clear, that the new partnership capacity being added in 2024 will further enhance it’s proposition as a compelling way for brokers to seamlessly complete placements in Lloyd’s.
Mark Allan, CEO of Ki, said: “We are delighted to be launching these ground-breaking partnerships to accelerate the adoption of digital follow in the Lloyd’s market. As a result, Ki will significantly expand the follow capacity available through algorithmic underwriting, marking a major step towards a fully digital follow market. We are pleased to partner with Travelers and Aspen, two leading companies in our sector, who share our vision of a more efficient follow market and we look forward to working closely with them as long-term partners.”
Matthew Wilson, CEO of Travelers Europe, commented: “Innovation and digitisation are significant drivers for the continued evolution of the insurance industry. We are pleased to partner with Ki on this opportunity as their platform creates efficiencies for an important segment of the London insurance market and provides a better experience for brokers, customers and carriers.”
Mark Cloutier, Executive Chairman and Group CEO of Aspen, added: “Lloyd’s is an important platform for Aspen, and one we have successfully grown in recent years with our syndicate now one of the top performers in the market. We have been clear in our aspiration to continue to grow our presence in Lloyd’s and our long-term partnership with Ki will form an important part of this. Mark and the team have built an outstanding platform that has already been enthusiastically adopted by the broking community, we look forward to working closely with them as partners.”