Crux Risk Services approved as Lloyds Coverholder

FCA Scrutiny
MGA Accelerator DA Strategy is pleased to announce that their client, Crux Risk Services (Crux), has now been approved by Lloyd's as a Coverholder.
Written by Charles Rowley
Charles is the founder and CEO of DA Strategy and has 23 years of Delegated Authority Experience, most recently as Head of Delegated Authority at Catlin.
June 9, 2024
News

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A new Managing General Agent (MGA), Crux specialises in delegated authority underwriting in the Terrorism class. Launching with an initial line size of $100 million, Crux is anticipated to grow significantly over the coming months as other market participants are added. Initial capacity is led by Chaucer and the binder broker is BMS. DA Strategy provides Crux with Appointed Representative licensing.
The MGA will target alternative distribution in the UK and US before looking to expand Internationally. It is built on Azur Technology’s award-winning platform, allowing brokers to quote, bind and administer policies through a hub while also giving capacity a real time view of risks and aggregations. The system enables the seamless flow of data from a broker hub through the underwriter workbench and on to the ultimate carriers.

Crux was co-founded by Graham Elliott (CEO), formerly of Azur Underwriting, Mike O’Connor (CUO), Rob Dimsey (non-Exec Chairman) and Yvonne Costello (non-Exec Director), all alumni of Ascot Underwriting. This is Crux’s first cell, with plans to build out a specialty business in London, leveraging its enterprise-grade platform to consolidate all its data from the outset.

Mike O’Connor, Chief Underwriting Officer of Crux, said, “The combination of a large, aggregated line size and a modern cloud-based straight-through-processing system gives Crux the ability to deliver best-in-class user experience and efficiency to both its brokers and markets, cutting the time taken to bind business from days to minutes. We also intend to use the platform to drive further efficiencies for market participants through APIs into placement platforms.”

Charles Rowley, Chief Executive Officer of DA Strategy, said, “We are pleased to have helped Crux in the launch of their new business. This exciting venture has taken extensive collaboration, hard work, and unwavering dedication from both teams to bring it to life. Strategically designed with international scalability firmly in mind, Crux is poised to make a significant impact in the Terrorism market with its distribution hub which offers unparalleled service. We look forward to working closely with the Crux team over the coming years as the business grows.”

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