Earlier this week Enstar and Stone Point Capital announced it had sold certain underwriting assets, including its Lloyd’s Syndicate 1301 and its managing agency, to Inigo.
The new company is led by former Hiscox chief underwriting officer Richard Watson who stepped down last year. He is joined by former colleagues Stuart Bridges, who also worked at interdealer broker ICAP, and Russell Merrett.
The deal with Inigo is yet to be approved by Lloyd’s but sources told the broadcaster it could be writing new business in the new year.
Enstar, Stone Point and Inigo’s management team are also reportedly involved in the capital raising.
Sky News reported that sources described the fundraising as a “coup” for Lloyd’s of London chief executive John Neal who has pushed to modernise the market.
News of the launch and fundraising comes as a boost to the insurance industry. Earlier this week insurance giant RSA recommended its shareholders back a £7.2bn takeover bid by Intact Financial and Tryg.
Under the terms of the deal, Tryg would take over the Swedish and Norwegian arms of RSA. Intact would have the Canadian, British and international businesses.
Inigo could not be reached for comment.
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