211: Unlocking capital at Lloyd's: Evolution of London Bridge ILS platform - Artemis London 2026

Um, I'd say Lloyds in general has increased in popularity a lot in the last few years.

So we've had a lot of new, new capital in the last few years, um, in addition to those that were maybe dipping their toe in expanding, um, their, their investment.

Um, there's been a sort of perfect storm for Lloyds over the last few years in terms of rates probably being the highest in a generation.

We've had no cat losses, and we've also had strong investment returns, so it's an incredibly...

In terms of right now, it's an incredibly attractive, um, investment in addition to all the benefits that you have of investing with Lloyds, which I think we'll probably delve into a bit deeper in terms of capital efficiency and things.

So I think it's the right now that's made it so, um, sort of perfect timing in terms of the growth of London Bridge and the growth of new investment into Lloyds.

Yeah.

And then Deepan, do you, I guess from a, a carrier's perspective with Oak, uh, do you see...

And obviously, Oak chose to have London as part of its, its business model.

Um, how, how does that work, and how does funds at, funds at Lloyds fit into that model?

So, uh, we have two separate syndicates, a reinsurance focused syndicate, retro focused syndicate, but all predominantly third party capital.

And with that, um, Lloyds and LB2 are fantastic ways to be able to tap into and access third party capital.

I think, um, and for us, you know, we've got a diversified file stack, so we have traditional names, uh, trade reinsurers, but also institutional investors.

And I think those last two categories certainly can and do access London Bridge too, but predominantly I think most, most of the, um, most of the interest has probably come more from institutional investors.

And I think Lloyds can be quite complex for institutional investors to understand.

I think that there's a lot of jargon, a lot of technical, uh, technicalities associated with it.

So for a financial investor to invest the time, the effort, the resources to be able to really understand it, then what they want to understand is that there's a credible path to deploy capital in a meaningful way, meaningful being whatever's meaningful to that investor.

But then also that it will generate attractive returns, and I think Lloyds has proven itself to be able to, to hit both of those criteria.

Um, you know, there's roughly 100 syndicates are available to invest.

Well, half of those or, or a significant portion of those are able to be invested by third party capital, so there's a, a large volume of potential opportunities, which, um, which is encouraging people to continue to be attracted to the market and explore how to invest.

Yeah.

Yeah.

And Angus, have you, have you seen a sort of trend in terms of the, the flow of investors and I guess how Lloyds has, has worked to support institutional investors coming in?

Yeah.

Well, I mean, yeah, I mean, uh, Lloyds has relaunched its, its, its strategy of late y- you'll have, uh, perhaps all seen.