Inigo reports $28.7m pre-tax profit for 2022

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15th March 2023 - Author: Kassandra Jimenez-Sanchez

Specialty re/insurer Inigo has published a pre-tax profit of $28.7m for 2022 alongside a mixed ratio of 94.4%.

In its 2nd afloat twelvemonth of operation, nan start-up led by Richard Watson, besides reported increasing Gross Written Premiums (GWP), which accrued 95% to $801.5m.

According to nan announcement, Inigo’s nett assets grew from $488.8m to $641.0m, which included nan injection of $150m of equity successful December 2022.

As nan marketplace opportunity grows stronger, Inigo will proceed to turn astatine pace, nan re/insurer claimed. It highlighted a plan, precocious approved by Lloyd’s, that would spot Inigo’s GWP successful 2023 turn to circa $1.2bn.

Inigo besides emphasised its committedness to being focused connected a constricted number of areas wherever it sees nan top opportunity for individual consequence underwriting to outperform nan cycle.

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Continuing pinch an accent connected starring nan syndication of ample commercialized and business risks, Inigo added master teams successful Onshore Energy and Financial Institutions, which nan re/insurer claims are good positioned for profitable growth.

Chief Executive Watson said: “We group nan business up to attraction connected a constricted number of areas wherever we saw bully returns and to spell heavy into them, pinch teams who were seen arsenic experts successful their field. Our strategy successful 2023 remains nan same.

“This twelvemonth we will adhd a Cyber security capacity successful consequence to customer demand. We will beryllium serving nan aforesaid ample commercialized and business customers we already insure, wherever we tin individually analyse their vulnerability and show nan aggregation risk.

“We do not expect immoderate further lines being added successful 2023 arsenic we build our position arsenic a respected leader successful our markets. As conditions proceed to harden, we expect underwriting astir $1.2bn of GWP successful 2023, and further opportunities to turn again into 2024.”

Inigo’s rate and investments besides increased, from $628.3m to $1,020.0. Last year, nan re/insurer besides issued 2 Catastrophe Bonds – Montoya 1 and 2, mixed worth of $225m -, which alleviated immoderate of nan request for retrocessional purchases, astatine a clip erstwhile that marketplace is particularly tough, Inigo noted.

Also, an further 65 caller labor joined Inigo successful 2022, building connected advancement successful 2021 successful pulling together a contingent of underwriters and claims teams successful its halfway areas.

Inigo continues to put successful INsight, a squad of highly versatile information scientists, seismologists, meteorologists, and ambiance alteration experts, nan re/insurer added.

INsight is supported by caller IT infrastructure, which has allowed divers information to beryllium captured and analysed, underpinning much meticulous consequence analysis.

“We are delighted pinch nan advancement of building our team, having established nan correct situation to thief them flourish and nan business outperform,” Watson continued. “Our Inigo INsight squad is surfacing nan subject for ever greater knowing of nan risks that we constitute and enabling america to clasp risks, wherever nan marketplace whitethorn hesitate. Using nan highest solution information our pricing and consequence action is captious some to our profitability and to our expertise to differentiate Inigo.”

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