Innovative Risk Labs (IRL), a leading InsurTech specialist dedicated to launching, incubating and supporting start-ups in the insurance technology space, has secured a license to operate within the Lloyd’s market.
This “ground-breaking achievement” makes IRL the only exclusive InsurTech-focused broker allowed to conduct trade within the Lloyd’s market.
Under the leadership of CEO Ed Gaze, a well-known industry insider, and former head of the incubation program at Lloyd’s Lab, IRL specializes in developing and launching InsurTechs in the UK and around the world.
The company supports emerging companies in navigating the London market, while facilitating connections with underwriters in its network.
In addition, the broker has already acquired Lloyd’s capacity for three InsurTech clients, which are set to launch in the coming summer. These clients are based in various locations, including London and California.
“This milestone represents a real game-changer for IRL, enabling us to secure Lloyd’s capacity for InsurTech brokers and MGAs worldwide. With direct access to world-class bags -ong underwriter, we can now collaborate on new opportunities without the need for third-party brokers,” Gaze said.
Founded nearly a decade ago, IRL transitioned into its current role when it assumed the position of designated representative (AR) principal for prominent InsurTech startups such as Flock, Rooster, and Hokodo.
In addition, in 2022, James York, the original founder and current executive chairman, recruited Gaze from Lloyd’s Lab with the aim of expanding the AR network to IRL in InsurTechs.
After joining the company as CEO, Gaze was approached by new companies that liked the idea of partnering with Lloyd’s. This will continue to reveal a gap in the market where existing Lloyd’s brokers are failing to meet the needs of start-ups.
Gaze added, “The early commitment of our clients to a broker who at the time had not yet obtained a Lloyd’s broker license confirmed our belief that there was a huge gap in the market. Now, in this success, IRL stands at the fore, ready to redefine the landscape.
Elsewhere, as part of its strategic development, the IRL has assembled a diverse advisory board, with luminaries such as Martin Reith, founder of Ascot and an investor; Ola Jacob of FloodFlash; Paul Jardine, non-executive chairman of Asta Managing Agency and Chaucer; Sam White, CEO of Stella Insurance; and Deepon Sen Gupta, global head of strategic advisory at Gallagher Re.
