Former Neon/Ascot/XL CEO and 40-year market veteran takes up ‘exciting role’ at Artificial
The founder and former CEO of Ascot Underwriting, who served as CEO of XL Capital Insurance, Neon Underwriting and held various non-executive roles within Lloyd’s, has taken up an exciting role at Artificial Labs, having been impressed with their algorithmic underwriting tech.
Insurtech Artificial, which offers algorithmic, data extraction and machine learning solutions to the commercial and specialty insurance market, has welcomed Martin Reith as chairman to help shape and execute the strategic direction of the company.
He succeeds previous chairman Mark Gifford who secured £9.5 million in Series A investment for Artificial Labs to accelerate its growth and the development of its technology. Gifford will continue to act as a non-executive director and investor director for No 9 Investments.
Reith has almost 40 years’ experience in the insurance and reinsurance space. He is the founder and served as Group CEO of Ascot Underwriting, which he established in 2001 with backing from AIG. Ascot quickly grew into one of the recognised businesses under Reith’s leadership. After stepping down as CEO in 2009, he served as a non-executive on Ascot's board until 2011.
Prior to Ascot, he served as CEO of XL Capital's insurance operations in London. He also previously held board positions at Neon Underwriting, as CEO from 2015 to 2019, and then in a non-executive role until 2020.
His most recent board appointments include non-executive and strategic roles at Helios Underwriting, the Lloyd’s of London focused investment and underwriting vehicle, since 2021 and at Prospero Re, the rated reinsurance vehicle of Bermuda headquartered ILS fund and investment manager Resolute Global Partners, since July 2022.
He has also been a member of the Board of Directors at AmWINS Group, and has previously served as advisory director to Securis Investment Partners, an ILS fund based in London. He has a portfolio of other insurance and non-insurance investments.
Reith said: “I am thrilled to take up this exciting role at Artificial, having been impressed with what the team have already achieved under the stewardship of Mark. There is enormous opportunity in the algorithmic underwriting space and Artificial is well positioned to maximise this.”
“I shall help shape and execute the strategic direction of the company. Our value proposition is in tune with the fundamental need for the market to streamline flow in the most effective, accretive and efficient manner. I hope my considerable experience in the market will help identify new and exciting opportunities.”
Artificial co-founder and CCO David King said: “We are delighted to welcome esteemed insurance figurehead Martin Reith to the Artificial Board. He brings unparalleled strategic insight, expertise and experience to the team and his contribution will be invaluable as we work towards our vision of a powerful algorithmic insurance ecosystem for the UK and global markets.”
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