The funds were backed by an insurance holding company- Fairfax Financial Holdings Ltd. and private equity firm The Blackstone Group Inc.
Announced in May 2020, Ki is the product of Brit Ltd., Brit’s innovative team, and Google Cloud. The algorithm of Ki developed by University College London, will enable it to reduce the time required by brokers in placing their follow capacity, as well as evaluate Lloyd’s policies. Additionally, with the help of its digital platform built by Google Cloud, the quoting of prices will be automated and directly accessible to brokers.
In a statement, CEO of Brit and Chairman of Ki, Matthew Wilson said that the financial backing will aid the business in reaching its full potential alongside Blackstone’s capital ad denoting its entry in Lloyd’s market in such pivotal times.
Speaking of Ki’s digital model, senior managing director at Blackstone, Qasim Abbas remarked that Ki’s digital model will facilitate it to build, alongside the algorithm which represents a transformation in the portfolio management of specialty risks.