New insurance group Inigo to go live in 2021
New insurance group Inigo Insurance has completed a capital raise of approximately $800 million from a consortium of global investors comprising (amongst others) funds controlled by Caisse de dépôt et placement du Québec (CDPQ), Enstar, J.C. Flowers & Co., Oak Hill Advisors, Qatar Investment Authority, Stone Point and Inigo’s management team. The funds give Inigo the capital base required to proceed with its plans to open for business in 2021, subject to approvals from the Corporation of Lloyd’s.
Inigo is being founded by Richard Watson, former Chief Underwriting Officer of Hiscox who stepped down from the group last year after 33 years, along with Russell Merrett, former Managing Director of Hiscox London Market, and Stuart Bridges, former Chief Financial Officer of both Hiscox and ICAP.
Sir Howard Davies, Chairman of NatWest Group, has been appointed as Chairman.
Inigo also announced that it has signed an agreement to acquire certain insurance underwriting assets of StarStone Underwriting including its Lloyd’s Syndicate 1301 and its managing agency, from Enstar Group. These are intended to form the foundation for Inigo’s operations as a specialty insurer, writing a streamlined portfolio of insurance and reinsurance risks. No legacy underwriting will be transferred to Inigo.
“This significant capital raising, together with our acquisition, gives us the platform we need to turn Inigo from a concept into reality. We believe that 2021 will mark the beginning of an exciting growth phase for Lloyd’s and the London Insurance Market and Inigo will contribute to growing the specialty and reinsurance marketplace, as it returns to profitability . Sir Howard Davies joining our board validates our vision for Inigo and our determination to provide credible additional capacity and services to customers and brokers.
We are fully supportive of the direction that John Neal, Lloyd’s CEO, is taking the market, making it a more attractive and efficient place in which to trade. For a company like ours, entirely focused on underwriting, London also has the depth of young talent we need to develop the analytical and data-led approach that is at the core of what we hope to do.” – Richard Watson.
