New Lloyd’s reinsurer confirms $800m launch ahead of renewals
Thursday, 11 26 2020, Category: Insurance and Reinsurance, Country: United Kingdom
New specialty insurer Inigo has confirmed the successful raising of $800 million from a consortium of global investors, providing the firm with the capital base required to proceed with its plans to open for business in the 2021 year of account.
After reports started to circulate last week over a capital raise, Inigo has now confirmed that it has secured around $800 million from a consortium comprising funds controlled by Caisse de dépôt et placement du Québec (CDPQ), Enstar, J.C. Flowers & Co., Oak Hill Advisors, Qatar Investment Authority, Stone Point and Inigo’s management team, amongst others.
As previously announced, the new Lloyd’s insurer is founded by Richard Watson, the former Chief Underwriting Officer (CUO) of Hiscox, alongside Russell Merrett, former Managing Director of Hiscox London Market, and Stuart Bridges, former Chief Financial Officer (CFO) of Hiscox and ICAP.
Additionally, Sir Howard Davies, Chairman of NatWest Group, has been appointed as Chairman of Inigo. He has a distinguished career in the City, business and government, having served as Chairman of the Financial Services Authority from 1997 until 2003. From 2003 to 2011 he served as Director of the London School of Economics, and as Chairman of Phoenix Group from 2012 to 2015.