Specialty insurance and reinsurance company, Inigo Limited, has seen its 2022 business plan approved by Lloyd’s, enabling the firm to double its underwriting to a controlled premium in excess of $850 million for the year.
Inigo launched at Lloyd’s last year after the acquisition of Enstar and Stone Point Capital’s managing agency StarStone Underwriting (SUL), along with the right to operate Syndicate 1301.
In early December 2020, the company received approval in principle from the Corporation of Lloyd’s to start writing business for 2021.
After a successful first year in which the firm’s controlled premium exceeded $425 million, Lloyd’s has now approved its business plan for next year, which allows for significant growth.
In its first year of underwriting, Inigo focussed on just 10 re/insurance lines of business, and that approach will be maintained in 2022, alongside its efforts to develop distinctive, data-driven underwriting, taking advantage of its investment in fresh technologies, and lack of legacy systems and exposures.
Richard Watson, Chief Executive Officer (CEO) of Inigo, commented: “The momentum of support from brokers and policyholders in our first year, the majority of whom we have collectively known for many years, has been humbling.
“We remain dedicated to the London distribution system and are proud to show that Lloyd’s and London can be the perfect place for an entrepreneurial team to start a business, at scale. Our focus for 2022 is to grow within our current lines, in which we continue to see many opportunities, and where our teams can supply capacity and leadership where it is needed.
“We sincerely appreciate the considerable support we have received from our broking partners, as well as from policyholders, investors and Lloyd’s as we move carefully into our second year of trading.”
