Aspect Labs Ltd fully opened its doors for business last week and in doing so, hopes to help brokers deliver for their clients by writing underserved segments of the (re)insurance market, and utilising the latest tech platforms to gain advantages in speed and risk insight.
Aspect will initially begin in the direct and facultative small to mid-market property arena in the UK, Ireland, Netherlands, and more widely across the whole of continental Europe, with plans to expand beyond this in the future.
Aspect’s team of underwriters are on the ground in London and The Hague with live business being placed by select broker partners since 1/1 this year, while the startup was in stealth mode. Aspect has now publicly launched the waitlist for it’s online submission platform at www.aspect.insure
Aspect details:
- Maximum GBP/EUR 6,500,000 line size with a working line of around GBP/EUR 2,000,000
- Reinsurance appetite
- Primary, Excess of Loss and Quota Share
- Targeting risks with slip premiums below GBP/EUR 1,000,000
- Minimum premium of GBP/EUR 5,000 for share
- Targeting TIVs below GBP/EUR 1bn
- Able to consider heavier risks
- Targeting small to mid-market risks, predominantly in the UK and Europe
- Insurance appetite
- Lead and follow
- Appetite for high hazard risks
- Looking to lead on smaller risks
- Minimum premium of GBP/EUR 5,000 for share
- Targeting small to mid-market risks, predominantly in the UK and Europe, with a wide ranging appetite including:
- Waste and recycling
- Biomass, biogas and waste to energy/energy from waste
- Woodworking
- Food
- Temporary accommodation
- Manufacturing
- Combustible construction
- Vacant/undergoing refurbishment
- The team comprises 15 people working flexibly across the world with hubs in the UK, Netherlands and Argentina.
- Insurance underwriting capacity is provided by AmTrust International Underwriters DAC and AmTrust Europe Limited
- Reinsurance underwriting capacity is provided by Everest Reinsurance (Bermuda) Ltd, AmTrust International Underwriters DAC and AmTrust Europe Limited
- The team trades with brokers in 9 languages including English, Dutch, German, Spanish, Italian, French and Swedish.
“By very deliberately focussing on small to mid-market risks with some higher inherent hazards, we aim to give brokers a home for tricky placements that are too small for Lloyds. We can enable brokers to complete placements that are missing that final few percent on the slip and we can provide a compelling option for brokers with nowhere else to go” said Henrik Webster, Co-Founder and Managing Director of Aspect. “We take immense pride in being able to speak to brokers all over Europe in their own language, and provide an easy to use online tool to help them structure their submissions to get rapid responses from our underwriters”.
Aspect has written around £5.5m of gross premiums while in stealth mode and expects premiums to top £25m annually by the end of next year.
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