Inigo Limited (“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, which Inigo had taken over as part of its acquisition of StarStone Underwriting Limited (“SUL”), the Lloyd’s managing agency. 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 $411m, outperforming new entrants to Lloyd’s with entirely new portfolios. Ultimate premium for the 2021 underwriting year is expected to exceed $430m, with a controlled premium in excess of $450m. Inigo has previously announced its intention to nearly double its underwriting to a controlled premium in excess of $850m 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, Chief Executive 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.”
In total 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.
Richard 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.”