Insurtech-Driven MGA, Agile, Appointed as StarStone Partner in Australasia

Agile Underwriting Services Pty Ltd., the insurtech-driven managing general agency (MGA) and Lloyd’s coverholder, announced it has been …

Agile Underwriting Services Pty Ltd., the insurtech-driven managing general agency (MGA) and Lloyd’s coverholder, announced it has been appointed as a representative agent for global specialty insurer, StarStone, in Australia and New Zealand.

Agile has been a strategic partner since StarStone launched its Australian underwriting capability in 2016.

The appointment, which follows a strategic review by StarStone, will see Agile represent StarStone across the full range of specialty classes provided by Syndicate 1301.

Agile, with its operations in Sydney, Melbourne, Brisbane (in Australia) and Christchurch (in New Zealand), underwrites accident and health, aviation, cargo, cyber, financial lines, marine hull and marine liability as a Lloyd’s coverholder. Founded in 2015, Agile specializes in insurtech systems and delivery, providing online platforms to brokers and MGA’s that provide efficient access to capacity for smaller risks to reduce friction costs.

Robin Barham, who has served as StarStone Australia’s managing director since its establishment, is also the founder and CEO of Agile. Barham will remain at Agile’s helm, responsible for developing new business activity under a new facility managed by Agile, which will allow continued access to StarStone’s underwriting expertise, following the closure of the StarStone Australia office.

“StarStone’s retention of Agile highlights the ongoing benefits for both businesses and our customers of our existing relationship,” Barham said. “The partnership will ensure customers retain access to StarStone’s capacity and expertise, StarStone will gain more efficient access to Australian customers, while Agile will continue to benefit from working with a global insurer.”

“As StarStone continues its strategy to reposition its operations, we are looking to develop long-term partnerships in key geographies to enhance our global reach,” commented David Message, StarStone’s Group CUO.

“The underwriting team at Agile already has close relationships with our international underwriting teams and is well-placed to assist us in developing our client proposition in the region,” added Message.

StarStone is an international insurance group with six wholly owned insurance platforms, including Lloyd’s Syndicate 1301. StarStone is owned by Enstar Group Limited, the Trident V funds managed by Stone Point Capital LLC and Dowling Capital Partners I, L.P.

Source: Agile Underwriting Services

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Lloyd’s-based cargo consortium sets sail

The Denver-based insurtech firm’s tools are capable of monitoring cargo accumulation and collecting useful data for risk management and claims.
Lloyd’s-based cargo consortium sets sail

Ascot and Beazley have launched a cargo consortium at Lloyd’s of London aimed at providing a maximum of US$50 million in capacity.

Bringing together a range of cargo carriers, the A2B consortium will cater to SME cargo business and offers insureds the option of using electronic cargo monitoring devices developed by Lloyd’s Lab programme graduate Parsyl. The Denver-based insurtech firm’s tools are capable of monitoring cargo accumulation and collecting useful data for risk management and claims.

“This consortium shows how syndicates can come together in a subscription market to provide coverage in a cost-efficient way for smaller premium business,” noted Ascot group chief executive Andrew Brooks. “Recent years have been difficult overall for the cargo market but this initiative will be transformative for insureds, their brokers, and Lloyd’s carriers.”

Meanwhile Lloyd’s innovation head Trevor Maynard believes “this is precisely what the Lloyd’s Lab has been set up to do.”

Maynard commented: “I’m thrilled to see our syndicates utilising the Lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers. The fact that the Lab can attract such high-calibre tech talent and ideas from around the world just goes to show that Lloyd’s continues to lead the way on insurance innovation.”

Beazley group head of marine Tim Turner, for his part, pointed out the London insurance market’s marine roots and noted how it has adapted to the sector’s changing needs over the years. “This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers,” he added.

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Ascot and Beazley launch £40m insurtech-linked cargo consortium

Insurers Ascot and Beazley have launched a Lloyd’s of London-based cargo consortium that uses insurtech solutions to help manage risk and claims …

Insurers Ascot and Beazley have launched a Lloyd’s of London-based cargo consortium that uses insurtech solutions to help manage risk and claims performance.

Led by Ascot and Beazley, the A2B consortium brings together a range of cargo carriers that will provide a maximum of $50 million (£38.7 million) in capacity. The new consortium is aimed at small- and medium-sized entity cargo business, which has traditionally faced high associated expenses due to the nature of the subscription market.

This launch will allow brokers to provide their clients with quality underwriting and claims management in a cost-efficient way, according to Ascot and Beazley, further cementing the competitive position Lloyd’s holds in the global cargo market.

Insureds will have the option of using electronic cargo monitoring devices developed by Denver-based insurtech start-up Parsyl. The devices can monitor cargo accumulation and collect data, which can assist in risk management and claims.

The use of these devices will help both the consortium carriers and provide data feeds to insureds. Parsyl is a graduate of the Lloyd’s Lab programme, designed to help embed technology start-ups in an insurance environment.

Commenting, Andrew Brooks, Group CEO at Ascot, said: “This consortium shows how Syndicates can come together in a subscription market to provide coverage in a cost efficient way for smaller premium business. Recent years have been difficult overall for the cargo market but this initiative will be transformative for insureds, their brokers and Lloyd’s carriers.”

Tim Turner, group head of marine, Beazley, said: “The London insurance market’s origins are in marine and over the years it has adapted to the changing needs of the sector. This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers.”

Trevor Maynard, head of innovation, at Lloyd’s, commented: “This is precisely what the Lloyd’s Lab has been set up to do. I’m thrilled to see our syndicates utilising the lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers. The fact that the lab can attract such high calibre tech talent and ideas from around the world just goes to show that Lloyd’s continues to lead the way on insurance innovation.”

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Ascot and Beazley Launch $50M Insurtech-Linked Cargo Consortium for SMEs

Ascot and Beazley announced the launch of a Lloyd’s-based cargo consortium, which uses insurtech solutions to help manage risk and claims …

Ascot and Beazley announced the launch of a Lloyd’s-based cargo consortium, which uses insurtech solutions to help manage risk and claims performance.

Led by Ascot and Beazley, the consortium brings together a range of cargo carriers that will provide a maximum of $50 million capacity. It is aimed at the cargo business of small-and-medium-sized enterprises (SMEs), which has traditionally faced high associated expenses due to the nature of the subscription market.

This launch will allow brokers to provide their clients with quality underwriting and claims management in a cost-efficient way, further cementing the competitive position Lloyd’s holds in the global cargo market, said Ascot and Beazley in a statement.

Insureds will have the option of using electronic cargo monitoring devices developed by Denver-based insurtech firm Parsyl. The devices monitor cargo accumulation and collect data, which can assist in risk management and claims. The use of these devices will help both the consortium carriers and provide data feeds to insureds.

Denver, Colo.-based Parsyl is a graduate of the Lloyd’s Lab program, which is designed to help embed technology start-ups in an insurance environment.

“This consortium shows how syndicates can come together in a subscription market to provide coverage in a cost-efficient way for smaller premium business,” commented Andrew Brooks, group CEO of Ascot Group, the Bermuda-based specialist re/insurer. “Recent years have been difficult overall for the cargo market, but this initiative will be transformative for insureds, their brokers and Lloyd’s carriers.”

Tim Turner, group head of Marine at Beazley, said: “The London insurance market’s origins are in marine and over the years it has adapted to the changing needs of the sector. This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers.”

“This is precisely what the Lloyd’s Lab has been set up to do,” said Trevor Maynard, head of Innovation, Lloyd’s. “I’m thrilled to see our syndicates utilizing the lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers.”

About Ascot Group and Beazley

Owned by Canada Pension Plan Investment Board (CPPIB), Ascot Group comprises Ascot Underwriting, the managing agent for Syndicate 1414 at Lloyd’s; Ascot Reinsurance Co., a Bermuda-based specialty reinsurer; Ascot Insurance U.S., an admitted and surplus lines business; and Ethos Specialty Insurance Services, a New York-based managing general underwriter (MGU).

London-based Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the U.S., Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates.

Source: Ascot Group and Beazley plc

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InsurTech firm Agile to represent StarStone across all Syndicate 1301 specialty business

InsurTech underwriting agency, Agile Underwriting Services Pty Ltd, has been announced as a representative agent for international specialty insurer, …

InsurTech underwriting agency, Agile Underwriting Services Pty Ltd, has been announced as a representative agent for international specialty insurer, StarStone in Australia and New Zealand.

Starstone logoSince StarStone launched its Australian underwriting business in 2016, Agile has been a strategic partner, and this appointment follows a strategic review by StarStone.

Under the partnership, Agile will now represent StarStone across all speciality classes provided by Syndicate 1301. Currently, with its operations in Sydney, Melbourne, Brisbane and Christchurch in New Zealand, Agile underwrites Accident and Health, Aviation, Cargo, Cyber, Financial Lines, Marine Hull and Marine Liability as a Lloyd’s of London coverholder.

Robin Barham, Managing Director of StarStone Australia and founder and Chief Executive Officer (CEO) of Agile, is to remain the head of Agile and will be responsible for developing new business activity under a new facility that is to be managed by Agile, which will provide continued access to StarStone’s underwriting expertise, after the closure of the StarStone Australia office.

Barham commented: “StarStone’s retention of Agile highlights the ongoing benefits for both businesses and our customers of our existing relationship. The partnership will ensure customers retain access to StarStone’s capacity and expertise, StarStone will gain more efficient access to Australian customers, while Agile will continue to benefit from working with a global insurer.”

StarStone’s Group Chief Underwriting Officer (CUO), David Message, added: “As StarStone continues its strategy to reposition its operations, we are looking to develop long-term partnerships in key geographies to enhance our global reach. The underwriting team at Agile already has close relationships with our international underwriting teams and is well-placed to assist us in developing our client proposition in the region.”

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