New specialty insurer and reinsurer, Inigo Limited, has now received approval in principle from the Corporation of Lloyd’s and will start writing business for 2021, the company has confirmed.
The news comes weeks after the new London insurance group confirmed the successful raising of $800 million in start-up capital from a cohort of global investors.
With no legacy underwriting and against a backdrop of improving market conditions amid continued hardening, Inigo has received the go ahead to start underwriting re/insurance business from January 1st, 2021.
Additionally, the company has announced the appointment of George Stratts, former President and Chief Executive Officer (CEO) of AIG’s Lexington Insurance Company, as Head of First Party. In this role, he will be tasked with building a leading property underwriting unit.
Stratts is the first in a string of senior underwriters that will join Inigo in the coming weeks and months to work alongside Richard Watson, CEO, and his Co-Founders Russell Merrett and Stuart Bridges.
Watson commented: “Our plans are coming together, and we now have the green light to start underwriting from January. I would like to thank Lloyd’s for supporting us in this new venture and George for joining our rapidly expanding team. The Lloyd’s market promises to be an exciting place in 2021 and I am delighted we are going to be a part of it.
“This is a great opportunity to build a highly focused business, which attracts good underwriters and gives them the freedom, and the tools to succeed. Our new technology-based underwriting, will be there to support brokers and clients alike in under-served sectors of the market.”
Stratts added: “After my time at Lexington I was looking for a completely fresh challenge and Inigo provides that. It is great to be part of this start-up team, with the opportunity to build up a leading business from scratch. I am looking forward to working across the London insurance market and creating something quite special.”