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Lloyd’s of London said Wednesday it has secured the backing of Canadian pension fund Ontario Teachers’ Pension Plan Board for a £100 million-plus ($134.7 million) deal using London Bridge Risk PCC Ltd., the protected cell company set up by Lloyd’s earlier this year.
The capital from Ontario Teachers’ will provide reinsurance coverage to a single Lloyd’s member that backs three syndicates in the market. These are CFC syndicate 1988, Beazley syndicate 5623 and Beat syndicate 1416.
Coverage will start in 2021 and will be expanded in 2022, Lloyd’s said in a statement. Initial capital of more than £100 million is being provided and this is expected to grow over time.
London Bridge operates under the United Kingdom risk transformation regulations and provides access to both U.K. and international investors, including insurance-linked securities investors, to deploy funds in the Lloyd’s market.