Daily Digest: Lloyd’s transition risk code welcomed, K2 International launches London division, Beazley shares climb

Catch up on the essential news and analysis from the Insurance Day experts

ID Comment: Lloyd’s transition risk code is a welcome addition The Lloyd’s market’s new transition risk code is a welcome tool to encourage syndicates to start providing cover for novel green technologies. The new TCX risk code, announced last month, will allow syndicates to write transition risks, such as cover for novel green technology, up to an additional 5% of their forecast gross written premiums. While some are cautious about how well used this new risk code will be – pointing out uptake of the innovation risk code was not huge – sentiment in the market suggests it will be a useful tool for syndicates that want to start covering transition risks.