InsurX exchange launches into D&F property market

London-based InsurX, a digital exchange for algorithmic capacity, has launched in the direct & facultative (D&F) property market.

The first property risk traded through InsurX was placed by Miller and bound by a Lloyd’s Syndicate. InsurX said multiple insurers now use the platform to modernise the syndication of risk. 

Launch brokers BMS, Cogent, Consilium, Gallagher and Miller now access D&F capacity deployed according to underwriting preferences, which the capacity providers can review and update at any time.

InsurX chief executive Gilbert Harrap, explained: “After modernising the way risk is syndicated in the London Contingency market, this move into the Property market, which is so important to London, was the logical next step for us.

“We deployed powerful technologies to turbocharge the syndication process in the Contingency market in 2023, and now we’re bringing these benefits to the Property market, with plans to roll out the InsurX Exchange to further Specialty insurance classes in 2024.”

Will Roscoe, active underwriter of Beazley Smart Tracker Syndicate 5623, commented: “Beazley Smart Tracker is the leading smart follow strategy in the London Market, and we welcome this expansion of the InsurX Exchange, which has already delivered a great product for Contingency risks, providing Beazley Smart Tracker high-quality data, and is now set to do the same for us in the Property market.”

Simon Clegg, head of property at Atrium, added: “We have long been a proud leader in the Property market, and we believe in the power of syndication to offer coverage for complex risks. We always look for innovative ways to grow our business, and InsurX provides Atrium with a powerful way to deliver relevant capacity solutions for our clients and brokers by partnering with follow capacity providers.”

Harrap concluded: “InsurX is the answer for insurers who seek to scale their underwriting without needing to

increase headcount. For brokers, InsurX provides the critical infrastructure that enables them to harness the benefits of algorithmic underwriting and grow their businesses.

“London has been calling out for a better way to syndicate risk since the launch of the Future at Lloyd’s in 2019.”

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