London Bridge Risk PCC selects Horseshoe 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 that is independently owned and sponsored by Lloyd’s.
This facility provides investors with an alternative means of access to Lloyd’s capacity and makes use of the UK ILS regulations that came into force in December 2017.
London Bridge Risk PCC uses standardised documentation and enjoys a notification only requirement to the Prudential Regulation Authority (PRA) for each new transaction, which is expected to drive efficiency and speedy execution.
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.
Horseshoe is the insurance manager for five of the six existing UK based ILS vehicles. It said this appointment solidifies its position as the largest ILS service provider in the world.
Andre Perez, Horseshoe’s chief executive officer, said: “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”.