Blackstone invests alongside Fairfax in $500M Ki launch
Ki Insurance announced it has raised $500 million from Blackstone and Fairfax Financial, the parent company of Brit that is now launching Ki. First announced in May 2020, Ki aims to reduce the amount of time taken for brokers to place their follow capacity thanks to its algorithm that will evaluate Lloyd’s policies and automatically quote for business through its digital platform built by Google Cloud and accessed directly by brokers.
“Matthew, Mark and the rest of 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.” – Qasim Abbas, Senior Managing Director at Blackston.
“We are delighted to see Blackstone entering Lloyd’s at this key moment in our modernisation, illustrating the appeal of our market. Ki is fully aligned to the Lloyd’s Blueprint, driving the adoption of new technology to deliver a more competitive market, and we wish the team success as it launches later this year.” – Burkhard Keese, CFO at Lloyd’s of London.
“Our Partnership with Fairfax and Blackstone on the launch of Ki will allow the business to reach its full potential with significant committed capital. Blackstone has a phenomenal track record and is entering the Lloyd’s market at a pivotal moment, with increased acceptance of digital models and a flight to quality.” – Matthew Wilson, CEO of Brit and Chairman of Ki.
“Securing support from Blackstone, one of the world’s leading investment firms, is a significant statement of confidence in Ki and the vision we have set out. Blackstone’s commitment to Ki completes our world-class group of partners with Fairfax, Brit, Google Cloud and UCL already supporting the business. With our investors, we have the financial firepower to rapidly scale the business and support our plan to provide a truly differentiated offering to brokers and clients.” – Mark Allan, CEO of Ki and Group CFO of Brit.