Artificial Labs, a UK insurtech providing algorithmic underwriting technology to the commercial and specialty insurance market, has announced the appointment of Martin Reith as Chairman of its Board.
Reith has almost 40 years’ experience in the insurance and reinsurance space and is the founder and former Group CEO of Ascot Underwriting Limited, which he established in 2001 with backing from AIG.
After stepping down as CEO of Ascot in 2009, he served as a Non-Executive on Ascot’s Board until 2011.
Prior to Ascot, Reith served as CEO of XL Capital’s Insurance Operations in London, and also previously held board positions at Neon Underwriting Limited, as CEO from 2015 to 2019, and then in a Non-Executive role until 2020.
His most recent board appointments include Non-Executive and strategic roles at Helios Underwriting Plc, the Lloyd’s of London focused investment and underwriting vehicle, since 2021 and at Prospero Re Ltd, the rated reinsurance vehicle of Bermuda headquartered ILS fund and investment manager Resolute Global Partners, since July 2022.
“I am thrilled to take up this exciting role at Artificial, having been impressed with what the team have already achieved under the stewardship of Mark. There is enormous opportunity in the algorithmic underwriting space and Artificial is well positioned to maximise this,” said Reith.
“I shall help shape and execute the strategic direction of the company. Our value proposition is in tune with the fundamental need for the market to streamline flow in the most effective, accretive and efficient manner. I hope my considerable experience in the market will help identify new and exciting opportunities.”
Artificial co-founder and CCO David King also commented: “We are delighted to welcome esteemed insurance figurehead Martin Reith to the Artificial Board. He brings unparalleled strategic insight, expertise and experience to the team and his contribution will be invaluable as we work towards our vision of a powerful algorithmic insurance ecosystem for the UK and global markets.”
