Innovative Risk Labs gets Lloyd’s broker status

Founder and executive chair cites "proud moment"

Innovative Risk Labs gets Lloyd’s broker status


By Terry Gangcuangco

Insurtech incubator Innovative Risk Labs (IRL) is now a Lloyd’s broker.

“This milestone represents a true game-changer for IRL, enabling us to secure Lloyd’s capacity for insurtech brokers and MGAs (managing general agents) worldwide,” IRL chief executive Ed Gaze said in a release. “With direct access to world-class innovative underwriters, we can now collaborate on new opportunities without the need for third-party brokers.”

Gaze asserted that IRL now “stands at the forefront,” with a goal to “redefine” the landscape. Set up by executive chair James York eight years ago, IRL has worked with the likes of Hokodo, Flock, and Rooster.

“Proud moment,” wrote York on LinkedIn. “If you’d have told me 20 years ago, when I first sat next to smart seasoned underwriters insuring vast fleets of ships, one day I’d be part of this, on top of all the insurtech work, I would not have believed you.”

Meanwhile the new Lloyd’s broker has tapped Ascot founder Martin Reith, FloodFlash’s Ola Jacob, Asta Managing Agency and Chaucer non-executive chair Paul Jardine, Stella Insurance CEO Sam White, and Gallagher Re global head of strategic advisory Deepon Sen Gupta as advisory board members.

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