Launched with an initial line size of $100 million, Crux is expected to see substantial growth in the coming months with the addition of other market participants. The initial capacity is led by Chaucer, with BMS serving as the binder broker. Crux operates with Appointed Representative licensing provided by DA Strategy.
Targeting alternative distribution channels in the UK and US, Crux plans to expand internationally. The MGA uses Azur Technology’s platform, which enables brokers to quote, bind, and manage policies efficiently while providing real-time views of risks and aggregations to capacity providers. This system ensures a seamless data flow from brokers to underwriters and carriers.
Crux was co-founded by industry veterans Graham Elliott (CEO), Mike O’Connor (CUO), Rob Dimsey (non-Exec Chairman), and Yvonne Costello (non-Exec Director), all formerly of Ascot Underwriting. This is Crux’s first cell, with plans to establish a specialty business in London, leveraging its enterprise-grade platform to consolidate data from the outset.
Mike O’Connor, Chief Underwriting Officer, said, “The combination of a large, aggregated line size and a modern cloud-base straight-through-processing system gives Crux the ability to deliver best-in-class user experience and efficiency to both its brokers and markets, cutting the time taken to bind business from days to minutes. We also intend to use the platform to drive further efficiencies for market participants through APIs into placement platforms.”
Charles Rowley, CEO of DA Strategy, also commented, “We are pleased to have helped Crux in the launch of their new business. This exciting venture has taken extensive collaboration, hard work, and unwavering dedication from both teams to bring it to life. Strategically designed with international scalability firmly in mind, Crux is poised to make a significant impact in the Terrorism market with its distribution hub which offers unparalleled service. We look forward to working closely with the Crux team over the coming years as the business grows.”
