Inigo

The start-up carrier also secured a ~20% uplift in GWP planned for 2023, taking it to $1.2bn, after resubmitting its Lloyd’s business plan.

It’s understood that Inigo pulled out of the class due to rising reinsurance costs, while The Hartford has exited following the departure of its head of PV and terrorism, Grant Witheat.

The Richard Watson-led carrier has continued to broaden its suite of products since launching at the start of 2021.

The rapid cooling of the US SPAC and de-SPAC market could also prove fertile ground for the plaintiff bar.

The new lead underwriter has almost 30 years’ experience including stints at Chubb, Faraday and Howden.

Atrium aviation war underwriter David Langran has resigned to join expansive start-up business Inigo, Insurance Insider can reveal.

Inigo 1301 achieved the greatest scale of the new syndicates, writing $428mn of business.

The start-up is due to double premium to $850mn in 2022.

The start-up said its survey shows that SPAC and de-SPAC claims would drive increasing litigation throughout 2022.

The Richard Watson-led carrier will enter a class that has undergone a period of substantial rate rises.

David Howden lamented the lack of start-up brokers in the market at Insurance Insider’s London Market Conference.

The business began underwriting at the beginning of 2021 following an $830mn capital raise.