Blackstone Tactical Opportunities Capital and Fairfax Financial Invest $500 Million in Algo-Driven Insurance Syndicate

Posted on 09/17/2020


Blackstone Group Inc. and Canada-based Fairfax Financial Holdings Ltd. kicked in US$ 500 million in an algorithm-driven insurance syndicate at Lloyd’s of London. The capital investment is funding the expansion of the business that is called Ki. Ki plans to be launched before the end of 2020 by Brit Insurance Holdings Ltd., a Fairfax Financial-owned entity. Brit Insurance Holdings was acquired by Fairfax Financial in May 2015. The capital from Blackstone is coming from funds managed by Blackstone Tactical Opportunities.

In addition, Ki is known as a follow-only syndicate, a type that takes on portions of risk from other market participants, rather than originate its own policies.

Ki’s algorithm had help being formed by the University College London and will be tasked to perform some duties done by underwriters by evaluating policies and offering automatic quotes.

Earlier in September, Mark Allan was named CEO of Ki. Mark Allan was Group CFO at Brit Insurance.

Keywords: Brit Ltd.

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