New insurer Inigo has received approval in principle from the Corporation of Lloyd’s and will begin underwriting from 1st January 2021.

George Stratts, former president and CEO of AIG’s Lexington Insurance Company, has joined the company as head of first party. Further underwriting appointments will be made in the coming weeks.

Richard Watson, CEO of Inigo, said: “I would like to thank Lloyd’s for supporting us in this new venture and George for joining our rapidly expanding team. The Lloyd’s market promises to be an exciting place in 2021 and I am delighted we are going to be a part of it. This is a great opportunity to build a highly focused business, which attracts good underwriters and gives them the freedom, and the tools to succeed. Our new technology-based underwriting, will be there to support brokers and clients alike in under-served sectors of the market.”

Stratts added: “After my time at Lexington I was looking for a completely fresh challenge and Inigo provides that. It is great to be part of this start-up team, with the opportunity to build up a leading business from scratch. I am looking forward to working across the London insurance market and creating something quite special.”

Inigo has raised £595m in start-up capital from investors.

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