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Investor consortium to inject $800m of capital into Lloyd’s insurer Inigo: reports

20th November 2020 - Author: Luke Gallin

A Sky News report claims that a consortium of investors are close to reaching an agreement to inject a substantial $800 million (£604m) of capital into specialty insurer Inigo.

handshakeAs we wrote previously, Inigo is set to launch at the specialist Lloyd’s of London insurance and reinsurance marketplace after its acquisition of StarStone Underwriting, along with the right to operate Syndicate 1301, from Enstar.

At this time, it was reported that Enstar and Stone Point will commit to invest up to $27 million and $18 million, respectively, into the new insurance vehicle.

However, a report by Sky News claims that a consortium of investors, including JC Flowers & Co, the Qatar Investment Authority, Caisse de dépôt et placement du Québec and Oak Hill Advisors, is close to committing $800 million of capital to the new firm.

It’s understood that the deal remains subject to Lloyd’s approval, but citing insiders, Sky News claims that Inigo could be writing new business early in 2021.

Were the agreement to come to fruition, the insiders note that it would provide the specialty insurer with the funds to be a significant presence in the specialty market from the off, at a time when insurance and reinsurance markets are hardening following a prolonged soft market state.

With a capital commitment of $800 million, Inigo would be one of the largest insurers in the UK to launch in the past decade. And, with an experienced management team that includes Richard Watson, Russell Merrett and Stuart Bridges, formerly of Hiscox, the new Lloyd’s insurer could be well placed to take advantage of current market dynamics.

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