Lloyd’s has announced that its London Bridge risk transformation platform reached a capital deployment milestone of $1.92 billion at the end of 2024.

The organisation reported that London Bridge has now established 19 cells, through which $1.92 billion of capital has been deployed, and $2.55 billion committed from institutional investors.

It said eight Lloyd’s managing agents are now actively utilising the platform, with ten new institutional investors supporting risks underwritten in the Lloyd’s market.

The platform includes two risk transformation firms: London Bridge Risk PCC Ltd and London Bridge 2 PCC Ltd.

Lloyd’s said notable new transactions established during 2024 include the launch of Fidelis Partnership syndicate 3123; the launch of AIG syndicate 2478, supported by funds managed by Blackstone; and the second Fucshia 144A property cat bond sponsored by Beazley.

The insurance management services for both London Bridge firms are provided by Bermudian-based Artex Capital Solutions.

London Bridge provides an access point for qualifying institutional investors to deploy funds in a tax transparent way into the Lloyd’s market.

Lloyd’s members and managing agents can use the vehicle to manage their capital and risk management requirements by attracting new sources of capital and reinsurance protection.

Working closely with the Prudential Regulation Authority and the Financial Conduct Authority, Lloyd’s said it has developed a set of mandatory terms for the principal transaction documentation that provide greater commercial flexibility while maintaining regulatory compliance.

It said this is embodied in a scope of permissions for London Bridge 2 PCC Ltd that enables new cells to be set up and reinsurance written without the need for any additional regulatory approval, provided these permissions are satisfied.

Burkhard Keese, chief financial officer of Lloyd’s, said: “Making the Lloyd’s market more attractive and accessible to institutional investors continues to be a strategic priority for Lloyd’s.

“We are delighted with the success of the London Bridge platform, which has now become a meaningful source of capital and risk transfer capacity for the Lloyd’s market.

“London Bridge has now established itself as one of the most flexible and responsive risk transformation platforms in the ILS market, confirming our belief that Lloyd’s and the UK market remain a great place for institutional investors to access global [insurance and reinsurance] risk.