Innovative Risk Labs enters Lloyd’s to shake up the InsurTech space
Innovative Risk Labs (IRL), which launches, incubates and supports start-up InsurTechs, today announces its ground-breaking achievement as the first-ever broker of its kind to secure a license to operate within the Lloyd’s market.
Under the leadership of CEO Ed Gaze, former head of the Lloyd’s Lab incubation program, IRL specialises in the development and launch of InsurTechs in the UK and worldwide. It offers an unrivalled consultancy service that supports emerging companies to navigate the London market, while facilitating powerful connections with underwriters in its network.
One distinctive advantage IRL provides to start-ups requiring regulation from the Financial Conduct Authority (FCA) is the ability to act as their appointed representative, expediting their path to launch. It also already has an AR network of eleven InsurTechs, with nine being FCA registered. Following the acquisition of its Lloyd’s license, IRL assumes the coveted title of the first and only exclusively InsurTech-focused broker permitted to conduct trade within the Lloyd’s market.
Further, IRL has already secured Lloyd’s capacity for three InsurTech clients, slated for launch in the coming summer. These clients are based in diverse locations, including London and California
Gaze 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.”
Originally founded nearly a decade ago, IRL transitioned into its current role when it assumed the position of appointed representative (AR) principal for notable InsurTech start-ups such as Flock, Rooster, and Hokodo. These companies have since obtained their own broker licenses from 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 and propelling the business into an influential catalyst for start-ups in the industry. After joining as CEO, Gaze was approached by innovative firms keen to collaborate with Lloyd’s, revealing a gap in the market where existing Lloyd’s brokers failed to meet the needs of start-ups.
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.”
As part of its strategic growth, IRL has assembled an esteemed advisory board, featuring luminaries such as 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, CEO of Stella Insurance; and Deepon Sen Gupta, global head of strategic advisory at Gallagher Re.
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