Clifford Chance advised Lloyd's expansion of insurance securities platform

Clifford Chance advised Lloyd's expansion of insurance securities platform

Based on the establishment of its second Lloyd's insurance linked securities (ILS) platform, Clifford Chance, International law firm, has advised the Society of Lloyd's, London Bridge Risk 2 PCC Limited.

The new platform is an extensive expansion of Lloyd's present ILS platform. Its ambitions is to attract new capital to the market, help establishes competent mechanism for present and new investors to participate at Lloyd's in future. It is a momentous change for the Lloyd's market and a noteworthy development for the wider UK ILS market.

Worked with Lloyd's and the regulators, Clifford Chance will enhance a flexible structure to accommodate an array of individual investment models and reinsurance edifices. Designed precisely to meet Lloyd's capital requirements and market practices, these confirm compliance as well by the PCC with the UK ILS regulations.

It will simplify capital effective investment into Lloyd's, decrease the frictional costs and time otherwise required to create and function a standalone ILS investment vehicle and possibly open up Lloyd's to momentous third party capital. It proves PRA and FCA provision for more advanced use of the UK ILS Regulations.

The Clifford Chance appointment followed its role advising Lloyd's on the establishment of its first ILS platform, London Bridge Risk PCC. It follows Clifford Chance's role advising the London Market Group task force as well. Based on its work with HM Treasury on the establishment of the UK ILS regime it will work on UK ILS structures for SCOR, Pool Re, Brit and Neon.

Headed by Partner Cheng Li Yow, Special Counsel Katherine Coates and Director James Cashier the team was headed and supported by Will Winterton, Partner on security arrangements and Nancy Li and Tess Crook the senior associates.

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