Willis says Berkshire Hathaway, Hiscox and the People’s Insurance Company of China have agreed to participate in its Global 360 sidecar.

The funds will be available in seven areas: aviation, space, construction, property and casualty, marine, energy and facultative reinsurance London-market subscription business.

The amount of capital allocated to each portfolio will depend on market conditions for that line of business, Willis says.

“By providing a door through which additional capital can access portfolios of risk, our clients will benefit from increased price competition and faster placements and claims agreement,” Willis Global Chairman and CEO Steve Hearn said.

The company says it is in discussions with other Lloyd’s syndicates.

“The proposition of access to whole portfolios of business has proven to be very appealing to capital providers,” Mr Hearn said.

“We expect to be able to announce further partners in due course.”

Earlier this year Aon launched a co-insurance agreement with Berkshire Hathaway in which the insurer provides capital for 7.5% of Aon-brokered retail business placed at Lloyd’s.

Aon’s Australian clients have already accessed the capacity.