Aspect, a direct and facultative (D&F) startup, has exited stealth mode to focus on writing hard to place small to mid-market property (re)insurance across the UK and Europe.
Aspect said it hopes to help brokers deliver for their clients by writing underserved segments of the (re)insurance market and by utilising the latest tech platforms to gain advantages in speed and risk insight.
Aspect will initially begin in the direct and facultative small to mid-market property arena in the UK, Ireland, Netherlands, and more widely across the whole of continental Europe, with plans to expand beyond this in the future.
The company, which is reportedly backed by Everest Re and AmTrust, has so far written around £5.5m of gross premiums while in stealth mode and expects premiums to top £25m annually by the end of next year.
The team comprises 15 people working flexibly across the world with hubs in the UK, Netherlands and Argentina. Insurance underwriting capacity is provided by AmTrust International Underwriters DAC and AmTrust Europe Limited
Reinsurance underwriting capacity is provided by Everest Reinsurance (Bermuda) Ltd, AmTrust International Underwriters DAC and AmTrust Europe Limited
Further, the Aspect team trades with brokers in 9 languages including English, Dutch, German, Spanish, Italian, French and Swedish.
Henrik Webster, co-founder and managing director of Aspect, said, “By very deliberately focussing on small to mid-market risks with some higher inherent hazards, we aim to give brokers a home for tricky placements that are too small for Lloyds. We can enable brokers to complete placements that are missing that final few percent on the slip and we can provide a compelling option for brokers with nowhere else to go.”
Earlier this year, Generali UK partnered with reinsurance software provider Supercede, as its reinsurance technology provider.
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