Inigo records highest GWP of Lloyd’s start-ups, eyes doubling premium in 2022
Inigo, the Lloyd’s managing agent and owner of Syndicate 1301, which it took over as part of its acquisition of StarStone Underwriting, has hailed its first full set of results, claiming it as outperformed other startups.
Inigo has submitted its first set of Syndicate accounts to Lloyd’s of London, since launching 1 January 2021. The accounts are filed under Syndicate 1301.
The accounts combine the 2021 underwriting year, written under Inigo’s new management team, and the 2020 and prior underwriting years written under StarStone’s management. No legacy liabilities were transferred to Inigo from the 2020 and prior underwriting years and Inigo relaunched the Syndicate for the 2021 underwriting year with a new portfolio of business focusing on core lines in Reinsurance, Property and Casualty classes.
In its inaugural year, on a GAAP basis, Inigo recorded gross written premium of $411 million, outperforming new entrants to Lloyd’s with entirely new portfolios. Ultimate premium for the 2021 underwriting year is expected to exceed $430 million, with a controlled premium in excess of $450 million.
Inigo has previously announced its intention to nearly double its underwriting to a controlled premium in excess of $850 million for 2022. The 2021 underwriting year is expected to make a healthy profit, however when earned on a GAAP basis this will produce a loss due to the fast growth, no premium from previous underwriting years earning through and some conservative initial reserving loss ratios.
Richard Watson (pictured), CEO of Inigo said: “We have had a good start to our new business. I am glad we have been able to help our policyholders get meaningful coverage in a challenging market, allowing them to focus on their own businesses, especially in such a tough economic and social environment. The business we have written into the 2021 year of account is strong and we are confident of it being profitable, despite 2021 registering as the fourth most costly natural catastrophe year on record. Good risk selection and portfolio diversification have helped.”
Inigo welcomed 119 new employees in 2021 which included a full contingent of underwriters and claims teams in its core areas to allow it to be a leader in the market. Inigo also formed Inigo INsight, a team of highly versatile data scientists from a variety of backgrounds who are building the foundations for an ever greater understanding of risk.
Watson, continued: “We sincerely believe that finding and using the highest resolution data in our pricing and risk selection is critical both to our profitability and to our ability to differentiate Inigo. We are relishing our lack of legacy systems and excited about building a truly distinctive pricing and portfolio-management platform.”
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