Ki, the algorithmic Lloyd's digital follow platform carved out of Brit Group, has posted a 74% jump in adjusted profit before tax to $171.4 million for 2025, its first full year as a standalone insurer.
The results come at a delicate moment for the Lloyd's market. Risk-adjusted rates across Lloyd's fell 3.5% in 2025, with property lines hit hardest – research from Oxbow Partners found that property rates dropped 9% in both the first and second quarters.
Lloyd's chief executive Patrick Tiernan has warned that the market is entering a pivotal phase, with systemic risk growing and pricing softening. The corporation's own analysis flagged that casualty rates may prove inadequate given persistent social inflation, and that cyber insurance faces supply-demand imbalances.
Of particular concern for Ki, Lloyd's has cautioned that follow-market business models – the very segment Ki operates in – could face mounting pressure as facility-led placement expands.
Ki was first incubated within Brit Group in 2020 and began underwriting through Lloyd's on January 1, 2021, making it one of the largest start-up syndicates in Lloyd's history and the first digital follow syndicate on the platform.
When the separation was announced last year, Brit Group chief executive Martin Thompson described it as a natural next step, saying the scale and growth potential of Ki warranted independent operations. Asta Managing Agency has since replaced Brit Group in the managing agent role, though Brit remains a nominated lead for all classes written through Ki.
Brit Group separately reported a pre-tax profit of $716.7 million for 2025, a 25.5% increase from the prior year, with an undiscounted combined ratio of 89.3% - though it also flagged a risk-adjusted rate decrease of 4.8%.
Thompson said the results reflected a "clear strategic focus on performance and profitability" in a market that "continues to become more competitive and challenging."
Ki chief executive Mark Allan (pictured above) struck a bullish tone, saying the results demonstrated the strength of a model combining underwriting expertise with technology.
"With AI rapidly reshaping the sector, we see the role of Ki as helping the industry embrace new opportunities," Allan said, adding that the company would continue investing in its digital platform and AI capabilities.
