The newly formed specialty re/insurance holding company Inigo has reportedly raised $800m to support its launch into the UK insurance marketplace, Lloyd’s of London.
The fund was raised from a consortium of investors including Qatar Investment Authority and Canada’s Caisse de dépôt et placement du Québec.
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It is also backed by private equity group JC Flowers and American investment group Oak Hill Advisors.
According to reports, Inigo expects to launch for business in the 2021 year of account, subject to approval from Lloyd’s.
It expects the current market landscape and increased demand for coverage to favour its growth and development.
Founded by former Hiscox chiefs Richard Watson, Russell Merrett and Stuart Bridges, the firm intends to operate as a Lloyd’s specialty insurer writing a streamlined portfolio of insurance and reinsurance risks.
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By GlobalDataNo legacy underwriting will be transferred to the firm, it said.
The company has appointed Natwest Chairman Howard Davies as its chairman.
Last week, Enstar Group and Stone Point Capital agreed to sell the Lloyd’s managing agency StarStone Underwriting to Inigo.
This transaction also covers the right to operate Lloyd’s Syndicate 1301, subject to regulatory approvals.
Enstar and Stone Point also agreed to invest up to $27m and $18m respectively into the firm.
In addition, Inigo will receive certain transitional services and staff from Enstar as part of the transaction.
Enstar, Stone Point and Dowling funds will receive $30m worth Inigo shares after this transaction is closed.
In May this year, UK-based insurance company Brit Limited collaborated with Google Cloud to launch the first fully-digital and algorithmically-driven Lloyd’s of London syndicate, dubbed Ki.
