Aspect Labs has emerged from stealth mode and fully launched with backing from Everest Re and AmTrust, with a focus on writing hard to place small to mid-market property re/insurance across the UK and Europe.
The startup will initially begin in the direct and facultative small to mid-market property arena in the UK, Ireland, Netherlands, and more widely across the whole of continental Europe, with plans to expand beyond this in the future.
Aspect’s team of underwriters are based in London and The Hague with live business having been placed by select broker partners since 1/1 this year, while the startup was in stealth mode.
The company boasts a maximum GBP/EUR 6.5 million line size with a working line of around GBP/EUR 2 million, and is targeting primary, excess of loss and quota share reinsurance with slip premiums below GBP/EUR 1 million.
Reinsurance underwriting capacity is provided by Everest Reinsurance (Bermuda) Ltd, AmTrust International Underwriters DAC and AmTrust Europe Limited, while insurance capacity is provided by AmTrust International Underwriters DAC and AmTrust Europe Limited.
So far, Aspect has written around £5.5m of gross premiums while in stealth mode and expects premiums to top £25m annually by the end of next year.
“By very deliberately focussing on small to mid-market risks with some higher inherent hazards, we aim to give brokers a home for tricky placements that are too small for Lloyds,” said Henrik Webster, Co-Founder and Managing Director of Aspect.
“We can enable brokers to complete placements that are missing that final few percent on the slip and we can provide a compelling option for brokers with nowhere else to go,” he continued.
“We take immense pride in being able to speak to brokers all over Europe in their own language, and provide an easy to use online tool to help them structure their submissions to get rapid responses from our underwriters.”
Webster was previously an underwriter at Gen Re and Corniche (Recyclesure).
Meanwhile, Co-Founder and Chief Underwriting Officer Oli Williamson is a former broker at Lockton and was previously an underwriter at RSA, and Jeroen Goldman, Co-Founder and Head of Europe, held several broking and consultancy positions at Aon and was previously an underwriter at Fortis Corporate Insurance.
