KI TO REACH 'SUSTAINABLE SCALE' IN 2022

Ki, the Brit-backed quant syndicate, has already hit its 2021 premium target of $400m but says next year will allow it to achieve "sustainable" scale on the back of substantial expected growth. “We raised £500m ($666.22m) from our investors and we’re about halfway through in terms of utilising that capital,” Ki chief executive, Mark Allan, told the Insurance Day Podcast. "There is significant growth potential next year. We’ve hit $400m in premium now already. The [premium volume for 2022] will be north of that, in the hundreds of millions.” The promise of Ki is to give brokers a swift answer as to whether it will follow the lead insurer after visiting a few online pages on their laptops, tablets or mobile phones. It claims this will mean a dramatic reduction in the amount of time involved in the decision-making process, which can take more than 20 days in the traditional Lloyd’s model. Ki, which was unveiled in May 2020, has written about 3,800 policies so far.