London-based insurtech Artificial Labs has appointed industry veteran Martin Reith as board chair effective immediately.
“I am thrilled to take up this exciting role at Artificial, having been impressed with what the team has already achieved under the stewardship of Mark [Gifford],” said Reith, who is the founder and former chief executive of Ascot Underwriting.
“There is enormous opportunity in the algorithmic underwriting space, and Artificial is well positioned to maximise this. I shall help shape and execute the strategic direction of the company.”
Reith’s nearly four decades of industry experience include time spent as CEO of XL Capital’s insurance operations in London and of Neon Underwriting. Currently, he is a non-executive director (NED) at Helios Underwriting and Prospero Re.
“Our value proposition is in tune with the fundamental need for the market to streamline flow in the most effective, accretive, and efficient manner,” added Reith, who also has a portfolio of insurance investments. “I hope my considerable experience in the market will help identify new and exciting opportunities.”
Meanwhile ex-chair Mark Gifford, who recently secured £9.5 million in Series A investment for the algorithmic underwriting technology provider, will continue to act as a NED and investor director for Artificial investor No 9 Investments.
Commenting on the succession, Artificial co-founder and chief commercial officer David King stated: “We are delighted to welcome esteemed insurance figurehead Martin Reith to the Artificial board.
“He brings unparalleled strategic insight, expertise, and experience to the team, and his contribution will be invaluable as we work towards our vision of a powerful algorithmic insurance ecosystem for the UK and global markets.”
Artificial’s clients include the likes of AXIS, Convex, and Chaucer.
