Horseshoe Appointed As Insurance Manager
Horseshoe has been appointed as insurance manager for London Bridge Risk PCC; a newly established UK domiciled Multi Insurance Special Purpose Vehicle.
A spokesperson said, “This independently owned company is sponsored by Lloyd’s.
“This new facility will provide investors with an alternative mean by which to access Lloyd’s capacity and makes use of the UK ILS regulations that came into force in December 2017.
“Advantages of London Bridge Risk PCC include standardised documentation and a notification only requirement to the Prudential Regulation Authority (PRA) for each new transaction both of which will drive efficiency and speedy execution.
“This appointment builds upon and adds to the previous success of Horseshoe as the insurance manager selected for five of the six existing UK based ILS vehicles and solidifies Horseshoe’s position as the largest ILS service provider in the world.
Andre Perez, Horseshoe CEO, said, “We are honoured to be involved with this innovative ILS structure which reinforces further Lloyd’s commitment to the Future at Lloyd’s.
“We look forward to working with investors and members to expand a complementary mechanism by which capital can be deployed into Lloyd’s. More broadly, this new PCC reaffirms the ILS potential of the London Market and hopefully this is the first of many more to be established in the UK”.
London Bridge Risk PCC will provide an access point for both UK and international third party and alternative capital providers, including ILS investors, to invest in Lloyd’s via this PRA regulated transformer entity.
