Inigo Ltd., the new London insurance group that has raised $800m in start-up capital from a group of blue chip global investors, announced that it has received approval in principle from the Corporation of Lloyd’s and will start underwriting for Jan. 1, 2021.
The company also announced that it has appointed George Stratts, the former president and CEO of AIG’s Lexington Insurance Co., as head of First Party. Stratts is the first of a number of senior underwriters that will join Inigo in the coming weeks and months to work alongside former Hiscox executives Richard Watson, chief executive, and his co-founders Russell Merrett and Stuart Bridges.
In his new role, he will build a property underwriting unit.
“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,” Watson said.
“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,” Watson said.
“After my time at Lexington, I was looking for a completely fresh challenge and Inigo provides that,” commented Stratts. “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.”
Inigo, named after the renowned 17th century British architect Inigo Jones, is a new insurer operating in the Lloyd’s of London market under Syndicate 1301. The business was founded in 2020, with funding from blue chip international investors and the management team, and through the acquisition of certain, non-legacy insurance underwriting assets from StarStone Underwriting Ltd. Inigo is focused on specialty insurance, specifically property, casualty, and financial and reinsurance lines.
*This story ran previously in our sister publication Insurance Journal.