Limited Company Augmented UW Steps onto the Scene for the First Time
In the heart of London, a new Managing General Agent (MGA) named Augmented UW Ltd. has been founded by Daniel Prince, a veteran of the London insurance market and former CEO of Rethink Underwriting [1][2][3]. The company aims to revolutionize the insurance market by using AI-enhanced algorithmic underwriting to streamline digital interactions between brokers and insurers, particularly in the follow capacity segment.
Augmented UW Ltd. is not intended to bring a panel of capacity to a broker but to provide the infrastructure to trade digitally. The MGA plans to bind its first risks in the fourth quarter of 2025, initially targeting property and terrorism insurance lines, with plans to expand into other insurance lines in 2026 [1][2][3].
To achieve this, Augmented has partnered with Artificial Labs, an insurtech firm providing the core technology and software platform to enable real-time digital underwriting connectivity and improved decision making through data and automation [1][2][3]. David King, Co-founder and Co-CEO at Artificial Labs, expressed his excitement about the partnership, stating that it will bring significant advancements to the insurance industry [1].
Meanwhile, Connect Underwriting Limited has announced the launch of another MGA, Stability Risk UW, subject to regulatory approval [1][2]. Stability Risk UW is supported by Lloyd's and London-market capacity and will write contingency, casualty, cyber, and financial lines on a global basis [1].
In the same vein, Squirro for Insurance has launched new insurance apps, offering AI-based solutions for underwriting and submission handling processes. These advancements are expected to further improve the efficiency and accuracy of the insurance market [1].
The launch of Augmented UW Ltd. and Stability Risk UW underscores the growing trend towards data-driven, technology-enhanced underwriting identified by the Lloyd’s Market Association as a key priority for the coming years [1][2][3]. By replacing manual processes with AI-driven underwriting tools, these new MGAs aim to enhance the broker-insurer relationship and contribute to a more sustainable and efficient London Insurance Market.
[1] Source: https://www.insurancetimes.co.uk/news/market/augmented-uw-launches-ai-driven-mga-in-london-4521341 [2] Source: https://www.reinsurancemagazine.com/post/connect-underwriting-launches-brics-uw-reinsurance-mga/ [3] Source: https://www.insurancenewsnet.com/oarticle/connect-underwriting-launches-brics-uw-reinsurance-mga-782357.html
Augmented UW Ltd., in its partnership with Artificial Labs, is utilizing artificial-intelligence-enhanced algorithmic underwriting to digitally streamline interactions between brokers and insurers, a move that also involves reinsurance in the follow capacity segment. To expand its offerings, Augmented plans to bind risks in the fourth quarter of 2025, initially focusing on property and terrorism insurance lines, with intentions to broaden into other insurance lines in 2026.
The growing trend towards data-driven, technology-enhanced underwriting, underlined by the launch of Augmented UW Ltd. and Stability Risk UW, is indicative of the insurance industry's future direction. Squirro for Insurance further contributes to this trend by offering AI-based solutions for underwriting and submission handling processes, aimed at improving efficiency and accuracy.
Stability Risk UW, backed by Lloyd's and London-market capacity, has entered the scene writing contingency, casualty, cyber, and financial lines on a global basis, signifying the continuous evolution of the insurance market spurred by innovations in underwriting and technology.
