As an organisation that nurtures and supports startup insurtech companies in the UK and globally, IRL announced its achievement as the “first broker of its kind” to secure a license to operate within Lloyd’s.
In an official statement released on June 23, 2023, IRL revealed that it had not only obtained the license but also secured Lloyd’s capacity for three of its insurtech clients. These clients, set to launch their operations this summer, hail from diverse locations, including London and California.
IRL’s entry onto Lloyd’s marketplace signifies ‘groundbreaking shift’
Ed Gaze, the chief executive of IRL, expressed his excitement about the development, stating, “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.”
This achievement aligns with IRL’s strategic growth plan since its establishment a decade ago. Initially serving as an appointed representative (AR) principal for insurtech startups like Flock, Rooster, and Hokodo, IRL has played a pivotal role in assisting these three companies in obtaining broker licenses from the Financial Conduct Authority (FCA). This latest accomplishment further cements IRL’s position as a leader in supporting and fostering the growth of emerging insurtech ventures.
The entry of IRL into the Lloyd’s market signifies a groundbreaking shift in the insurtech landscape, empowering IRL and its clients to forge direct partnerships with world-class underwriters and explore innovative opportunities without relying on third-party brokers. As IRL continues to expand its presence and collaborate with leading industry players, it is poised to make a lasting impact on the insurtech ecosystem both in the UK and globally.
