A group of senior Lloyd’s underwriters is funding a facility to speed the development of new reinsurance products.

The £53 million ($96.29 million) initiative is led by Tokio Marine, Beazley, MS Amlin, Talbot, Liberty Special Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo.

It will focus on new products covering intangible assets, supply chain risks or accidents caused by artificial intelligence.

Lloyd’s CEO John Neal says the facility aligns with the market’s vision for the world reinsurance market.

“By incubating new product ideas and helping them scale up over time, Lloyd’s will continue helping its customers to deal with rapidly evolving and emerging risks,” Mr Neal said.

The facility is open to other market participants, Lloyd’s says.