Lloyd’s Lab alumnus, InsurX, has today announced that its digital capacity exchange for the London insurance market is now live, with an initial capacity commitment to write £20 million of gross written premiums.
The InsurX Exchange has been launched to enable the London insurance marketplace to trade smart-follow capacity faster, better, and at a lower cost via the use of InsurX’s algorithmic risk matching technology.
It is now open to all London market brokerages and insurers, offering an independent “many-to-many” capacity exchange which serves instant matching of risks to London market brokers, enables algorithmic portfolio underwriting for Lloyd’s insurers, and provides rich data insights to market participants.
Contingency broker Tysers placed the first risk through the exchange, with initial capacity provided by specialist insurer Beazley, Bermuda-based AXIS Capital, and reinsurer Greenlight Re.
It’s expected that more classes of business will be added to the InsurX Exchange in 2023.
Co-founder and Chief Executive Officer (CEO) of InsurX, Gilbert Harrap, commented: “InsurX’s mission is to bring the digital revolution to risk trading in the London insurance market. Our work in the Lloyd’s Lab refined our offering and we’re thrilled by the engagement of our initial partners to benefit from the capacity provided by the exchange. We’re looking forward to expanding this offering to more brokers and insurers, and across additional classes of business, in 2023.”
Will Roscoe, Active Underwriter at Beazley Smart Tracker Syndicate 5623, added: “Beazley’s Smart Tracker is a market leader in providing risk transfer solutions for bespoke facilities tailored to meets the needs of brokers and their clients. The InsurX Exchange enables us to work collaboratively with brokers to deploy portfolio capacity cost-effectively, at scale and using the latest data science.”
Paul Chapman, Managing Director at Tysers, said: “Tysers prides itself on tailored client service and a broad range of capacity solutions. Using InsurX allows us to service our clients better as the platform allows us to find more capacity faster than would otherwise be possible. We look forward to collaborating with InsurX further to utilise their market-leading technology, supporting Tysers’ position at the cutting edge of broking.”