Latest senior appointment update FYI;
InsurX, the independent digital risk exchange, is delighted to announce that former Council of Lloyd’s member Michael Watson has joined InsurX as NonExecutive Chairman. The Canopius founder and outgoing Chairman takes the lead as InsurX enhances its technology, and increases headcount in response to incredible client demand.
Michael provides enormous governance experience as the rapid growth of InsurX accelerates, with further technological development, expansion into new classes of business, and new hires to keep up with the rising volume of business traded over the InsurX Exchange.
“Our ability to attract a Chairman of Michael’s stature illustrates not only the rising importance of algorithmic underwriting in the specialty insurance market, but also the potential of InsurX within it,” said Chief Executive Gilbert Harrap. “That potential is reflected in our growth: at latest count we have 13 member insurers trading £100 million of capacity, and 20 global Lloyd’s brokers placing risk through our independent exchange.
“Meanwhile we intend – before the year is out – to add new classes of business to our existing functionality to trade Contingency and Property D&F. Again, that’s ahead of schedule, in response to demand. We’ve had to recruit to develop those new capabilities, and to enhance our current offering, and develop our service and support functions as we mature,” Harrap said. “We’re driving the evolution of better, faster, cheaper risk trading in the specialty insurance market, and it’s happening fast!”
Michael Watson said: “We have all known for about three decades that London must trade more efficiently, and I have seen lots of different digitalisation initiatives come and go. InsurX is finally delivering the market infrastructure we need to realise the promise of the digital
revolution in general, and algorithmic trading specifically. I am delighted to support the venture, and I encourage all risk carriers and brokers to explore its offer.
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