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Aspect Labs Ltd., the London-based re/insurance managing general agent, has officially opened its doors for business – targeting small-to-mid-market risks that are not big enough for Lloyd’s of London.
Initially focusing on the direct and facultative property arena in the UK, Ireland, Netherlands, and more widely across continental Europe, Aspect has plans to expand beyond these markets in the future.
A subsidiary of the Howden broker ES Risks, Aspect said its insurance underwriting capacity is provided by AmTrust International Underwriters DAC and AmTrust Europe Ltd., while reinsurance underwriting capacity comes from Everest Reinsurance (Bermuda) Ltd., AmTrust International Underwriters DAC and AmTrust Europe Ltd.
Aspect writes a maximum line size of GBP/EUR 6.5 million with a working line of around GBP/EUR 2 million, targeting primary, excess-of-loss and quota-share business with slip premiums below GBP/EUR 1 million at a minimum of GBP/EUR 5,000.
“By very deliberately focusing 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. He previously was a property underwriter at Gen Re and Corniche Underwriting.
Aspect’s other two co-founders are Oli Williamson and Jeroen Goldman. Williamson is Aspect’s chief underwriting officer and was previously a broker at Lockton and an underwriter at RSA Insurance. Goldman, who is Aspect’s head of Europe, held several broking and consultancy positions at Aon and was previously an underwriter at Fortis Corporate Insurance.
Since Jan. 1, while the startup was in stealth mode, it has written around £5.5 million of gross premiums, placed by select broker partners. It expects premiums to top £25 million annually.
The company’s risk appetite includes the following areas: waste and recycling; biomass, biogas and waste to energy/energy from waste; woodworking; food; temporary accommodation; manufacturing; combustible construction; and vacant/undergoing refurbishment.
The Aspect team comprises 15 people working flexibly across the world with hubs in the UK, the Netherlands and Argentina, Aspect said, noting that its underwriters are located in London and The Hague.
“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,” said Webster.
Aspect has publicly launched the waitlist for its online submission platform at www.aspect.insure
Source: Aspect Labs
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