Richard Watson, CEO of Lloyd’s specialty insurer Inigo Limited, has highlighted the significant growth opportunities following his firm’s acquisition by US-based Radian Group, noting that this growth will be measured and focused as Inigo continues to strengthen customer relationships, expand its use of data and analytics, and maintain its strong company culture.
Speaking with Reinsurance News in an interview following the news, Richard Watson, Inigo’s CEO, spoke on what this means going forward for the firm.
“I see it as more of the same. We already had a three-to-five-year plan in place. Currently, we’re at about $1.6 billion in written premium, and we can see a path to $3 billion over time, not necessarily quickly, but as the market allows and at a sensible rate of return,” the executive observed.
He continued, “With our existing products and customers, there are tremendous opportunities to grow steadily. The key for us is to execute that plan: deliver growth, strengthen customer relationships, double down on data and analytics, and maintain our strong culture.
“Having a bigger balance sheet will naturally open up more opportunities in time, but we’re not suddenly changing direction. It’s about improving on everything we already do well, deepening relationships, expanding existing ones, and building on our strengths.”
Matthew Rolph, Chief Commercial Officer at Inigo, added, “That focus on ‘more of the same’ is extremely valuable. We weren’t undercapitalised before; capital was never an issue, but having a larger balance sheet amplifies what we can do for our customers and brokers.
“A few key brokers really drive the market, and they’ve loved what we’ve been doing. So, continuing to do more of the same will be very well received. It’s really simple, actually, without being flippant, it’s an upside for us.”
Watson also touched on the key reason for partnering with Radian at this stage of Inigo’s growth, stating, “For me, it came down to their strong balance sheet and a really good cultural fit. From the very first time we met, it almost felt like, ‘Okay, where do we sign?’ We both felt that connection. At a human level, all the qualities we value, low ego, high collaboration, were reflected in their team.”
Watson continued, “Beyond that, the aspirations of the business align closely with ours. They’re as passionate about data analytics as we are, and they see the opportunity to grow by leveraging a strong story and a complementary, non-correlated portfolio of insurance and reinsurance that we offer. I can see why this partnership works for them, and I can clearly see why it works for us.”
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