’We can now collaborate on new opportunities without the need for third-party brokers,’ says chief executive
Innovative Risk Labs (IRL) has secured a licence to operate in the Lloyd’s market.
In a statement released last week (23 June 2023), the insurtech, which incubates and supports startup UK and global insurtechs in their development, claimed it was the “first broker of its kind” to achieve such a feat.
The firm added that it had also secured Lloyd’s capacity for three insurtech clients, which are set to launch this summer.
These clients are based in a range of locations, including London and California.
Ed Gaze, chief executive of IRL, said: “This milestone represents a true game-changer for IRL, enabling us to secure Lloyd’s capacity for insurtech brokers and MGAs worldwide.
”With direct access to world-class innovative underwriters, we can now collaborate on new opportunities without the need for third-party brokers.”
Strategic growth
IRL, which was founded a decade ago, became an appointed representative (AR) principal for insurtech start-ups such as Flock, Rooster and Hokodo – these three have since obtained broker licenses from the FCA.
Read: Ex-Lloyd’s Lab head Ed Gaze scoops new role at alumnus insurtech
Read: Insurtech sector commends Ed Gaze’s work at Lloyd’s Lab
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An AR is a firm or person who runs regulated activities in the UK by acting under a firm that is directly authorised by the FCA.
In late 2022, James York, the original founder and current executive chairman, recruited Gaze from the Lloyd’s Lab with the aim of expanding IRL’s AR network of insurtechs.
As part of its strategic growth, IRL has also formed an expert advisory board.
This features Martin Reith, founder of Ascot and an investor, Ola Jacob of FloodFlash, Paul Jardine, non-executive chairman of both Asta Managing Agency and Chaucer, Sam White, chief executive of Stella Insurance and Deepon Sen Gupta, global head of strategic advisory at Gallagher Re.
Gaze added: “The early commitment of our clients to a broker that at the time had yet to secure its Lloyd’s broker license validated our belief that a big gap in the market existed.
”Now, with this achievement, IRL stands at the forefront, ready to redefine the landscape.”
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