International hedge funds and private equity groups are pumping money into a tax-exempt Lloyd’s of London investment vehicle, as the 300-year-old UK institution broadens its net to attract overseas investors.
Lloyd’s launched the scheme in 2021 to tap the booming market for insurance-linked securities (ILS), which grew to $113bn last year, according to professional services company Aon.
Although Lloyd’s special purpose vehicle has only captured a small chunk of the market, the second phase of the “London Bridge” scheme doubled in size to $1.9bn in 2024 compared with the previous year, attracting growing interest from alternative fund managers.
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