Al Wathba Insurance has become the first UAE insurer to secure access to Lloyd’s of London through the London Bridge 2 PCC (LB2) structure. The investment in LB2, Cell 27, marks a pivotal moment in the company's growth and serves as a key component of its revenue diversification strategy. The transaction enables Al Wathba to access the Lloyd's market and realise returns from an underlying portfolio of more than US$100 million in global property and casualty (P&C) premium, beginning in the 2026 financial year. LB2 is an independent insurance risk transformation company authorised as a multi-arrangement insurance special purpose vehicle. Regulated by the Prudential Regulation Authority and the Financial Conduct Authority, the PCC structure allows assets and liabilities of individual cells to be ringfenced for insolvency purposes. The vehicle was designed to enhance Lloyd’s accessibility for institutional investors, offering a broader range of risk transfer options and capital-efficient underwriting exposure. Al Wathba partnered with reinsurance broker Lockton Re to structure the deal and curate the portfolio of underlying Lloyd’s syndicates. The process was supported by Gerard Monayer, CEO of MENA at Lockton Re, and James Mackay, head of Lloyd’s capital. Shukri Almheiri, CEO of Al Wathba Insurance, says: “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.” Muralikrishnan R, CFO of Al Wathba Insurance, adds: “A landmark investment for Al Wathba Insurance — a milestone that accelerates our growth journey and strengthens our international market access through Lloyd’s of London.”
