Lloyd's launches product innovation facility with £53m capacity

The Lloyds building in London

A group of Lloyd’s underwriters have launched an initiative with £53m of capacity with the aim of speeding up (re)insurance product development for new and emerging risks.

The Product Innovation Facility is led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo.

Lloyd’s noted the facility will trial new types of insurance for complex and non-standard risks, including, but not limited to,

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