RB Jones Global has launched a London-based managing general agent focused on structured credit, backed by two Lloyd's syndicates. RB Jones Credit will target investment banks, asset managers and other financial institutions seeking insurance solutions for structured credit exposures. The initial per-risk line is US$30 million (£22.2 million), with authority to write selected risks on tenors of up to 15 years.
Ed Kelly leads the new MGA as managing director. He joined RB Jones Global in 2025 after serving as North America head of specialty and global head of credit lines at AIG. The MGA has signed its binder and begun quoting business. Tim Brown, a senior structured credit and asset finance underwriter, has also joined the team, which will start at three people with additional capacity providers expected to join the facility as it grows.
Lloyd's-backed underwriting capacity in the structured credit segment has been limited relative to demand. The London structured credit and political risk insurance market carries around US$3.5 billion (£2.6 billion) of capacity for any one risk, according to Gallagher Specialty's Q1 2025 market update - a figure based on July 2024 data, and which may have shifted since, but which gives useful scale context for where RB Jones Credit's US$30 million per-risk line sits within the available pool.
The launch follows a policy shift at Lloyd's that makes this kind of capacity expansion more viable. In August 2025, Lloyd's removed the premium income limits that had previously capped how much credit and financial guarantee business syndicates could write. Before the change, syndicate business plans were unlikely to receive approval where financial guarantee premium exceeded 2% of agreed gross written premium - a constraint that effectively placed a ceiling on how much delegated authority businesses in the class could scale. Removing it does not guarantee that syndicates will rush capacity into the class, as individual syndicate appetite and concentration risk management will still apply, but it removes the structural barrier that had made growth difficult to approve within the Lloyd's framework.
The appetite covers corporate credit risks for tenors of up to 10 years and project finance transactions for up to 12 years, with selected risks written for up to 15 years. Business is directed at financial institutions rather than corporate end-buyers - investment banks and asset managers using credit insurance to free regulatory capital or reduce credit concentrations on their books, rather than companies seeking trade credit protection on individual receivables.
Structured credit insurance of this kind is typically placed through specialist intermediaries with a credit and political risk practice rather than through a standard financial lines or professional risks channel. RB Jones Credit gives those brokers a new underwriting option in London at a capacity level suited to institutional-scale transactions.
A joint survey by the Lloyd's Market Association, International Underwriting Association and London & International Insurance Brokers' Association found that London market trade credit insurance claims fell to 136 in 2025, down from 185 in 2024. The aggregate value of those claims rose to US$438.5 million (£325 million), an increase of nearly US$38 million (£27.2 million) year on year. Fewer but larger losses describe a market in which the complexity of individual claims is growing - consistent with a migration toward larger, more complex institutional transactions, which is precisely the business RB Jones Credit is structured to write.
Kelly said: "RB Jones Credit brings fresh underwriting capacity from leading insurers to a traditionally under-served area of the market. Our service provides financial institution clients with a new option for managing risk distribution and regulatory capital, tailored to their specific needs and backed by AA-rated London market capacity. We have invested heavily in leading edge actuarial, analytics and reporting technology while setting up the business."
Paul Greensmith, chief executive of H.W. Kaufman International, described the credit MGA as the latest addition to the RB Jones Global platform following the establishment of RB Jones Aviation Finance in May 2026. Further MGA cells are expected to go live before the end of the year.
H.W. Kaufman Group launched RB Jones Global in August 2025 as a vehicle for its international specialist underwriting ambitions. The credit launch joins a wave of specialist MGA activity in the London market more broadly - Asta launched Verde Risk Management in January 2026 for financial lines including commercial crime and management liability, and Convex launched Kinetic MGA in June, both writing through Lloyd's and both citing underwriting discipline as the primary criterion for growth. Whether the removal of Lloyd's premium income limits proves sufficient to drive material new capacity into the credit class at scale will depend on individual syndicate decisions about concentration and appetite as books like RB Jones Credit begin to grow.
