Al Wathba Insurance (AWNIC) marks a pivotal moment in its growth journey with the finalisation of a key strategic investment in London Bridge 2 PCC, Cell 27.
This transaction enables AWNIC to gain access to the prestigious Lloyd's Market and is a key part of the UAE insurer’s revenue diversification strategy. This will enable the company to realise returns generated from an underlying portfolio of over $100m in global Property & Casualty (P&C) premium, starting in the 2026 financial year.
AWNIC Vice Chairman Rashed Darwish Al Ketbi, and CFO Muralikrishnan R, visited Lloyd’s to formally complete the investment. AWNIC partnered with Lockton Re, including CEO of MENA, Gerard Monayer, and Head of Lloyd’s Capital, James Mackay, and their team, to structure the transaction and curate the portfolio of underlying Lloyd’s Syndicates.
Commenting on the deal, AWNIC CEO Shukri Almheiri said, "This milestone investment will provide Al Wathba Insurance with a significant competitive edge. We will leverage the highly sophisticated risk solutions available through Lloyd's of London, alongside capitalising on the investment returns that the Lloyd's market has historically delivered.”
London Bridge 2 PCC (LB2) is an independent insurance risk transformation company. It is a protected cell company incorporated in England, authorised and supervised by UK regulators as a multi-arrangement insurance special purpose vehicle. It provides a broadened range of capabilities for the Lloyd’s market and enhanced accessibility for investors.
LB2 is licensed to reinsure Lloyd’s business and issue securities (debt or equity) to raise capital. Each transaction is entered into through a segregated cell of LB2 and each cell will also issue the applicable securities. The liabilities of each cell are ringfenced for insolvency purposes. LB2 provides greater flexibility and risk transfer options to enable the vehicle to become a more meaningful source of capital for the Lloyd’s market.