Innovative Risk Labs (IRL), a leading InsurTech specialist dedicated to launching, incubating and supporting start-ups in the insurance technology space, has secured a license to operate within the Lloyd’s market.
This “ground-breaking achievement” makes IRL the only exclusive InsurTech-focused broker permitted to conduct trade within the Lloyd’s market.
Under the leadership of CEO Ed Gaze, a very well-known figure within the industry, and former head of the Lloyd’s Lab incubation program, IRL specialises in the development and launch of InsurTechs in the UK and globally.
The company supports emerging companies to navigate the London market, while facilitating connections with underwriters in its network.
In addition, the broker has already secured Lloyd’s capacity for three InsurTech clients, slated for launch in the coming summer. These clients are based in diverse locations, including London and California.
“This milestone represents a true game-changer for IRL, enabling us to secure Lloyd’s capacity for InsurTech brokers and MGAs worldwide. With direct access to world-class innovative underwriters, we can now collaborate on new opportunities without the need for third-party brokers,” said Gaze.
Founded nearly a decade ago, IRL transitioned into its current role when it assumed the position of appointed representative (AR) principal for notable InsurTech start-ups such as Flock, Rooster, and Hokodo.
Furthermore, in 2022, James York, the original founder and current executive chairman, recruited Gaze from the Lloyd’s Lab with the aim of expanding IRL’s AR network of InsurTechs.
After joining the company as CEO, Gaze was approached by innovative firms that were keen to the idea of collaborating with Lloyd’s. This would go on to reveal a gap in the market where existing Lloyd’s brokers failed to meet the needs of start-ups.
Gaze added, “The early commitment of our clients to a broker that at the time had yet to secure its Lloyd’s broker license validated our belief that a big gap in the market existed. Now, with this achievement, IRL stands at the forefront, ready to redefine the landscape.”
Elsewhere, as part of its strategic growth, IRL has assembled a diverse advisory board, featuring luminaries such as Martin Reith, founder of Ascot and an investor; Ola Jacob of FloodFlash; Paul Jardine, non-executive chairman of both Asta Managing Agency and Chaucer; Sam White, CEO of Stella Insurance; and Deepon Sen Gupta, global head of strategic advisory at Gallagher Re.