Crux Risk Services, a Managing General Agent (MGA) focused on delegated authority underwriting in the Terrorism insurance sector, has been approved by Lloyd’s as a Coverholder.
With support by MGA accelerator DA Strategy, Crux was co-founded by Graham Elliott (CEO), formerly of Azur Underwriting, Mike O’Connor (CUO), Rob Dimsey (non-Exec Chairman) and Yvonne Costello (non-Exec Director), all from Ascot Underwriting.
With an initial line size of $100 million, Crux is expected to grow significantly in the coming months as more market participants join.
The MGA will first target alternative distribution in the UK and US before expanding internationally. It operates on Azur Technology’s award-winning platform, allowing brokers to quote, bind, and manage policies through a hub while providing real-time risk and aggregation views to capacity providers. This system ensures a seamless data flow from broker hub to underwriter and carriers.
Mike O’Connor, Chief Underwriting Officer of Crux, states, “The combination of a large, aggregated line size and a modern cloud-based straight-through-processing system gives Crux the ability to deliver best-in-class user experience and efficiency to both its brokers and markets, cutting the time taken to bind business from days to minutes. We also intend to use the platform to drive further efficiencies for market participants through APIs into placement platforms.”
Charles Rowley, Chief Executive Officer of DA Strategy, adds, “We are pleased to have helped Crux in the launch of their new business. This exciting venture has taken extensive collaboration, hard work, and unwavering dedication from both teams to bring it to life. Strategically designed with international scalability firmly in mind, Crux is poised to make a significant impact in the Terrorism market with its distribution hub which offers unparalleled service. We look forward to working closely with the Crux team over the coming years as the business grows.”
