Ki insurance secured $500M from Blackstone and Fairfax Financial Holdings
Ki Insurance, a London, UK-based company aiming to provide insurance services, announced that it secured funding of $500 million.
The funds will back the expansion as the company expects to launch by the end of 2020 and fully go to market in 2021.
Ki Insurance, led by CEO Mark Allan and Matthew Wilson, was incubated by BritX, Brit’s innovation team, working in collaboration with Google Cloud and aims to reduce the amount of time needed by brokers to place their follow capacity. Ki’s algorithm, developed with support from University College London, will evaluate Lloyd’s policies and automatically quote for business through its digital platform, built by Google Cloud and accessed directly by brokers. Ki will underwrite using an algorithm-driven approach and offer instant follow capacity through its proprietary digital platform.
Ki is the first fully digital-only syndicate to be approved by Lloyd’s of London, in keeping with its Future at Lloyd’s initiative and is targeting a range of specialty business following selected leaders in the Lloyd’s market, including Brit.