LONDON:
Newly formed Lloyd’s of London insurer Inigo said on Monday it had raised $800 million from a group of investors including Qatar Investment Authority and Canada’s Caisse de dépôt et placement du Québec.
Inigo is 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.
The company said it had appointed Natwest Chairman Howard Davies as chairman of the company.
Inigo also said it had agreed to buy assets from StarStone Underwriting, including its Lloyd’s Syndicate 1301, from Enstar Group, subject to regulatory approvals.
“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,” it said.
In a statement, Inigo said that current conditions are ideal to launch a new insurance business, at a time when demand across a number of classes of insurance and reinsurance is high.
Inigo has chosen London as its principal base since it regards the overall insurance ecosystem offered by Lloyd’s as exceptionally attractive and believes it will best support the growth and development of the new syndicate.
“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,” commented Watson.
he funds give Inigo the capital base required to proceed with its plans to open for business on Jan. 1, 2021, subject to approvals from the Corporation of Lloyd’s.nigo is 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.