Newly established InsurTech startup Ki Insurance has landed a $500m investment from Tactical Opportunities, the opportunistic investment division of Blackstone.
Ki is the first fully-digital and algorithmically-driven Lloyd’s of London syndicate, looking to provide automatic quotes through a platform brokers can access directly. The company leverages data to improve pricing decisions, as well as providing brokers with data to improve their portfolios.
Fairfax Financial Holdings is also taking part in the $500m capital raise for Ki, which is set to launch operations in Q4 and write its first risk incepting in January 2021.
Qasim Abbas, senior managing director at Blackstone, said, “The Ki team have created a unique opportunity in Lloyd’s to revolutionise the market and we are excited to be a part of this, in partnership with Fairfax.
“Ki’s first-of-its-kind digital model will deliver a unique advantage to its’ business partners which we believe will enable it to build to significant scale, while its algorithmically-driven approach represents an important evolution in the portfolio management of specialty risks.”
Burkhard Keese, CFO at Lloyd’s of London, added, “We are delighted to see Blackstone entering Lloyd’s at this key moment in our modernisation, illustrating the appeal of our market.”
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