Former Medical Protection Society (MPS) head of underwriting Chris Léglu and banking executive Caspar Murphy are set to soft launch an algorithmic follow-only MGA in the coming months, this publication can reveal.
The pair have been garnering market support for MGA Via Digital over the course of the year, in the latest digital start-up to come to the nascent but growing « smart follow » space in London.
Vi leverages an MGA structure to write a follow-only book on behalf of its capacity providers, with underwriting decisions driven by its own unique algorithm. The MGA is being hosted by incubator DA Strategy.
Underwriting will initially focus on a select few classes of business chosen in accordance with its paper providers.
The co-founders have also built our the Vi team to bring in former London market executives Paul Baynham, Colin Clulow and Richard Inman.
The London market is seeing a groundswell of algorithmic underwriting capabilities, with the launch of Brit’s Ki in 2021 effectively firing the starting gun on an arms race.
Other automated underwriting initiatives include the Apollo/Artificial Labs collaboration, Canopius’ Vave and Gilbert Harrap’s InsurX.
As this publication has previously reported, innovation in the follow market could go some way in addressing the market-wide need for accelerated innovation, greater efficiencies and lower expense ratios in London.
Before Vi, Léglu was head of underwriting at MPS for two years. He also worked at the Lloyd’s performance management directorate from 2014 to 2016. Meanwhile, Murphy has had a long career in the investment banking space.
Baynham has been an insurance consultant in recent years, but in 2016 was Starr Insurance Companies CUO. Clulow was most recently head of property and political violence at Chaucer, while Inman was chief information officer at BMS until the end of last year.
Léglu and Murphy said in a joint statement : « We are excited to bring our highly scalable tech platform to the market at this time, with industry leaders including Paul Baynham formerly of Starr, Colin Clulow formerly of Chaucer, and Richard Inman, former CIO of BMS.
« We look forward to contributing to the London market’s continued pre-eminence through the digital trading of specialty lines. »
