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21 January 2025news

London Bridge platform reaches $1.92 billion capital milestone

Lloyd’s of London has announced that its London Bridge risk transformation platform reached a capital deployment milestone of $1.92 billion at the end of 2024.

London Bridge has now established 19 cells, through which $1.92bn of capital has been deployed, and $2.55 billion committed from institutional investors.

Eight Lloyd’s managing agents are now actively utilising the London Bridge platform, with 10 new institutional investors supporting risks underwritten in the Lloyd’s market.

London Bridge provides an access point for qualifying institutional investors, to deploy funds in a tax transparent way into the Lloyd’s market. Lloyd’s members and managing agents can use the vehicle to manage their capital and risk management requirements by attracting new sources of capital and reinsurance protection.

Lloyd’s said that by working closely with the PRA and FCA it has developed a set of mandatory terms for the principal transaction documentation that provide greater commercial flexibility whilst maintaining regulatory compliance. This is embodied in a Scope of Permissions for London Bridge 2 PCC that enables new cells to be set up and reinsurance written without the need for any additional regulatory approval, providing these permissions are satisfied.

Burkhard Keese, Lloyd’s chief financial officer, said: “Making the Lloyd’s market more attractive and accessible to institutional investors continues to be a strategic priority for Lloyd’s. We are delighted with the success of the London Bridge platform, which has now become a meaningful source of capital and risk transfer capacity for the Lloyd’s market.

“London Bridge has now established itself as one of the most flexible and responsive risk transformation platforms in the ILS market, confirming our belief that Lloyd’s and the UK market remain a great place for institutional investors to access global (re)insurance risk.”

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