London market startup Inigo received launch go-ahead

New London insurance group Inigo has received approval in principle from the Corporation of Lloyd’s and will start underwriting for 2021.

This follows the insurance group raising $800m in startup funding from a group of blue-chip investors. 

Meanwhile Inigo has appointed the former president and chief executive of AIG’s Lexington Insurance, George Stratts as its head of first party.

He will build a property underwriting unit, and he is the first in a number of senior underwriters that will join Inigo in the near future to work alongside chief executive Richard Watson, and co-founders Russell Merrett and Stuart Bridges – all formerly Hiscox bosses.

Stratts said: “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.”

Great opportunity

Watson said: “Our plans are coming together, and we now have the green light to start underwriting from January.

“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.

“Our new technology-based underwriting, will be there to support brokers and clients alike in under-served sectors of the market.”