Lloyd’s greenlights new insurer to double premium to $850m

Lloyd’s start-up  Inigo has received approval to double its gross written premiums to $850 million for 2022 as the specialty re/insurer moves into its second year of trading.

Lloyd’s has approved Inigo’s 2022 business plan, allowing for “significant growth” following a “successful” first year of underwriting in which Inigo’s controlled premium exceeded $425 million.

Inigo opened for business at the start of 2021, having raised over $830 million from a consortium of global investors, and acquired its own managing agency. The company focussed on just ten re/insurance lines of business in its first year.

Inigo said its underwriting and claims teams are at full strength for 2022, as it looks to develop a “distinctive, data-driven underwriting, making the most of its investment in fresh technologies, and lack of legacy systems and exposures”.

Richard Watson (pictured), chief executive of Inigo said: “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.”

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