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Lloyd’s Forms Independent Protected Cell Company in the UK

Lloyd’s of London has sponsored the development of a freely claimed and oversaw ensured cell company in the United Kingdom, London Bridge Risk PCC Ltd., which insurance-linked securities investors can access to deploy capital.

According to a statement by Lloyd’s, the U.K.’s Prudential Regulation Authority and Financial Conduct Authority have granted regulatory approval to set up the multi-insurance special purpose vehicle.

The protected cell company will be providing access to both U.K. and international investors to deploy capital into Lloyd’s market, the statement said.

Lloyd’s said that its members will be able to use the new vehicle to manage their capital requirements by attracting new classes of investors such as pension funds, benefiting from reduced set-up times and lower transactional costs.

London Bridge Risk’s insurance management services will be provided by Bermuda-based Horseshoe Insurance Services Holdings Ltd. It specializes in the management of ILS vehicles and operates across multiple jurisdictions.

Burkhard Keese, CFO of  Lloyd’s commented, “through our sponsorship of the London Bridge Risk PCC we will give investors the option of a new tax transparent way to participate in the market with standardized documents and a much simpler repeatable process.”

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