Innovative Risk Labs (IRL), a facilitator of start-up InsurTechs, announced its groundbreaking entrance into the Lloyd’s market as its first-ever broker.
IRL, under the guidance of CEO Ed Gaze, the ex-chief of the Lloyd’s Lab incubation programme, is a unique platform that fosters and launches InsurTech start-ups across the globe. Operating out of the UK, it offers invaluable consultation services for emerging companies, building vital relationships with underwriters in the process.
The partnership between IRL and Lloyd’s is a major breakthrough. It brings a unique proposition for start-ups that need regulation from the Financial Conduct Authority (FCA). IRL has the capability to serve as an appointed representative for these start-ups, accelerating their market entry. Furthermore, IRL has an established AR network, including eleven InsurTechs, of which nine are FCA registered.
Specialising in InsurTech, IRL has now earned the prestigious label of being the first and only dedicated InsurTech broker authorised to trade within the Lloyd’s market. This achievement follows the successful acquisition of its Lloyd’s license.
Furthermore, IRL has already secured Lloyd’s capacity for three InsurTech clients, ready to launch this summer. These clients hail from various locations, including London and California.
Over a decade since its inception, IRL transitioned into its current role when it became the appointed representative (AR) principal for successful InsurTech start-ups such as Flock, Rooster, and Hokodo. These companies have since procured their own broker licenses from the FCA.
Ed Gaze, CEO of IRL, said, “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.”
In 2022, original founder and current executive chairman, James York, onboarded Gaze with a vision to expand IRL’s AR network and make the business a formidable force for start-ups in the industry. This innovative strategy filled a crucial gap in the market, catering to the needs of start-ups wanting to work with Lloyd’s, but unable to do so due to limitations from existing Lloyd’s brokers.
Gaze added, “The early commitment of our clients to a broker that at the time had yet to secure its Lloyd’s broker license validated our belief that a big gap in the market existed. Now, with this achievement, IRL stands at the forefront, ready to redefine the landscape.”
As part of its growth strategy, IRL has formed an impressive advisory board, featuring industry leaders such as Martin Reith, Ola Jacob, Paul Jardine, Sam White, and Deepon Sen Gupta.
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