New insurance group Inigo launches with c.$800 million and appoints Sir Howard Davies as Chairman ahead of commencing underwriting on 1 January 2021

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Inigo Limited (Inigo), a new insurance group, announces that it has successfully completed a capital raise of approximately $800 million from a consortium of global investors comprising (amongst others) funds controlled by Caisse de dépôt et placement du Québec (CDPQ), Enstar, J.C. Flowers & Co., Oak Hill Advisors, Qatar Investment Authority, Stone Point and Inigo’s management team. The funds give Inigo the capital base required to proceed with its plans to open for business in the 2021 year of account, subject to approvals from the Corporation of Lloyd’s. Inigo is being founded by Richard Watson, former Chief Underwriting Officer of Hiscox who stepped down from the group last year after 33 years, along with Russell Merrett, former Managing Director of Hiscox London Market, and Stuart Bridges, former Chief Financial Officer of both Hiscox and ICAP. Sir Howard Davies, Chairman of NatWest Group, has been appointed as Chairman. Sir Howard has a distinguished career in the City, business and government; he was Chairman of the Financial Services Authority from 1997 until 2003, Director of the London School of Economics from 2003 until 2011, and Chairman of Phoenix Group from 2012 until 2015. As part of its preparations, Inigo also announces that it has signed an agreement to acquire certain insurance underwriting assets of StarStone Underwriting Ltd including its Lloyd’s Syndicate 1301 and its managing agency, from Enstar Group, subject to regulatory approvals. These are intended to form the foundation for Inigo’s operations as a specialty insurer, writing a streamlined portfolio of insurance and reinsurance risks. No legacy underwriting will be transferred to Inigo. Inigo believes that current conditions are ideal to launch a new insurance business, at a time when demand across a number of classes of insurance and reinsurance is high. Inigo has chosen London as its principal base since it regards the overall insurance ecosystem offered by Lloyd’s as exceptionally attractive and believes it will best support the growth and development of the new syndicate. false false false Inigo was advised on the transaction by Evercore, Guy Carpenter Securities and Clifford Chance. false false false About Inigo Inigo is a specialty insurance and reinsurance business that will operate in the Lloyd’s of London market. The business is led by Richard Watson, Stuart Bridges and Russell Merrett bringing together a collective experience in excess of 80 years in the industry in aggregate. www.inigoinsurance.com