UK-based Innovative Risk Labs (IRL) has become the first insurtech broker to be granted a licence to operate within the Lloyd’s market. 

IRL CEO Ed Gaze, who was formerly head of the Lloyd’s Lab incubation program, says the "milestone represents a true game-changer for IRL, enabling us to secure Lloyd’s capacity for insurtech brokers and MGAs worldwide”. 

“With direct access to world-class innovative underwriters, we can now collaborate on new opportunities without the need for third-party brokers,” he said. 

IRL launches and supports insurtechs keen to collaborate with Lloyd’s, representing start-ups requiring regulation from the Financial Conduct Authority (FCA). It has an AR network of 11 insurtechs, and has already secured Lloyd’s capacity for insurtech clients in London and California. 

“Following the acquisition of its Lloyd’s licence, IRL assumes the coveted title of the first and only exclusively insurtech-focused broker permitted to conduct trade within the Lloyd’s market,” it said. 

IRL’s advisory board includes Investor and Ascot Founder Martin Reith, Stella Insurance CEO Sam White and Gallagher Re Global Head of Strategic Advisory Deepon Sen Gupta. 

Mr Gaze says existing Lloyd’s brokers failed to meet the needs of start-ups, and early commitment from clients “to a broker that at the time had yet to secure its Lloyd’s broker licence validated our belief that a big gap in the market existed”. 

IRL says it facilitates powerful connections with underwriters in its network. 

"Being able to work with the hugely innovative underwriters at Lloyd's is a huge part of this,” IRL said. "We're working on getting our first few Lloyd's capacity deals live in the coming months.”