Lloyd’s greenlights new insurer Inigo for 2021; begins to fill top positions

New insurance group Inigo has confirmed it will start underwriting in January 2021 after receiving approval in principle from the Corporation of Lloyd’s.

The London-based specialty re/insurance start-up, founded by former Hiscox CUO Richard Watson, has raised $800 million in capital from a consortium of global investors, and started building its senior team with experienced insurance and reinsurance executives.

George Stratts, the former president and CEO of AIG’s Lexington Insurance Company, is the first of a number of senior underwriters that will join Inigo in the near future. He will work alongside CEO Watson, and his co-founders Russell Merrett and Stuart Bridges.

In his new role as head of first party, Stratts will be tasked to build a property underwriting division.

The company has already hired Howard Davies, chairman of NatWest Group, as its chairman.

Inigo also recently signed an agreement to acquire Lloyd’s managing agency StarStone Underwriting (SUL) and Lloyd’s Syndicate 1301 from Enstar Group and Stone Point Capital.

Watson said: “Our plans are coming together, and we now have the green light to start underwriting from January. I would like to thank Lloyd’s for supporting us in this new venture and George for joining our rapidly expanding team.

"The Lloyd’s market promises to be an exciting place in 2021 and I am delighted we are going to be a part of it."

"This is a great opportunity to build a highly focused business, which attracts good underwriters and gives them the freedom, and the tools to succeed," he added. "Our new technology-based underwriting, will be there to support brokers and clients alike in under-served sectors of the market.”

Stratts commented: “After my time at Lexington I was looking for a completely fresh challenge and Inigo provides that. It is great to be part of this start-up team, with the opportunity to build up a leading business from scratch. I am looking forward to working across the London insurance market and creating something quite special.”