The past year, which was only Inigo Limited’s second full year of operation, saw the underwriting business double its gross written premium (GWP) to $801.5 million.
According to Inigo, its GWP in 2022 grew by 95% while its 2023 target, as approved by Lloyd’s, stands at $1.2 billion. Last year also proved to be a profitable period for Inigo, which reported a pre-tax profit of $28.7 million.
Inigo’s combined ratio for 2022 was 94.4%. Net assets, meanwhile, rose from $488.8 million to $641 million. Cash and investments went up from $628.3 million to $1 billion.
“We set the business up to focus on a limited number of areas where we saw good returns and to go deep into them, with teams who were seen as experts in their field,” said chief executive Richard Watson. “Our strategy in 2023 remains the same. This year we will add a cyber insurance capability in response to customer demand. We will be serving the same large commercial and industrial customers we already insure, where we can individually analyse their exposure and monitor the aggregation risk.
“We do not anticipate any additional lines being added in 2023 as we build our position as a respected leader in our markets. As conditions continue to harden, we anticipate underwriting around $1.2 billion of GWP in 2023, and further opportunities to grow again into 2024.”
