Re/insurance start-up launches with Everest Re and AmTrust backing

A re/insurance start-up targeting hard to place small to mid-market risks, predominantly in the UK and Europe, has launched with the backing from  Everest Re and  AmTrust. The company is co-founded by former underwriters and brokers at  Aon,  Lockton,  GenRe and  RSA.

Aspect Labs has opened for business today (April 12). It will initially begin in the direct and facultative (D&F) small to mid-market property space in the UK, Ireland, Netherlands, and more widely across Continental Europe, with plans to expand further in the future.

Aspect’s insurance underwriting capacity is provided by AmTrust International Underwriters DAC and AmTrust Europe, and reinsurance capacity by Everest Reinsurance (Bermuda) and AmTrust.

The company has written around £5.5 million of gross premiums while in stealth mode and expects premiums to top £25 million annually by the end of next year.

Aspect is co-founded by Henrik Webster, Oli Williamson and Jeroen Goldman. Webster was previously an underwriter at Gen Re and Corniche (Recyclesure), Williamson is a former broker at Lockton and was previously an underwriter at RSA, and Goldman has held several broking and consultancy positions at Aon and was previously an underwriter at Fortis Corporate Insurance.

The start-up aims to serve the “underserved” segments of the re/insurance market, utilising the latest tech platforms to gain advantages in speed and risk insight.

“By very deliberately focussing on small to mid-market risks with some higher inherent hazards, we aim to give brokers a home for tricky placements that are too small for Lloyd’s,” said Webster, managing director of Aspect.

“We can enable brokers to complete placements that are missing that final few percent on the slip and we can provide a compelling option for brokers with nowhere else to go.

“We take immense pride in being able to speak to brokers all over Europe in their own language, and provide an easy to use online tool to help them structure their submissions to get rapid responses from our underwriters.”

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