The fire that burned down Glasgow School of Art's Mackintosh Building is expected to result in about £100 million of insurance losses, The Insurance Insider reported.

Lloyd's of London Syndicate 5000 is reportedly the lead insurer on the construction all risks policy that Kier, the project's main contractor, bought when it started rebuilding the building after a fire in 2014.

The syndicate has a 35% line on the quota share placement brokered by Marsh, and Talbot and StarStone are also carriers on risk.