Press Release: Chaucer launches new Smart Consortium in the International D&F property market using InsurX’s exchange technology

Chaucer Group has announced the launch of a new International D&F property smart consortium powered by InsurX’s exchange technology, which marks an important development in the realm of algorithmic trading and risk syndication.

This collaboration enables London Market brokers to access algorithmic capacity to follow Chaucer’s quotes using InsurX’s exchange technology for internationally domiciled clients – regardless of whether the quote is primary, excess, lead, or follow.

This partnership highlights a broader industry trend towards algorithmic solutions. By leading the Smart Consortium, the facility offers brokers unprecedented speed, with smart-follow capacity allowing quotes to be returned in minutes, rather than days. InsurX’s exchange statistics show that 61% of quotes are returned within 15 minutes, 84% within an hour, and 99.7% within 2 hours.

When combined with the enhanced processing times enabled by platforms like PPL and Whitespace, brokers are now equipped to dramatically speed up their placements, enhancing their ability to drive more business into the London market.

As the market continues to evolve, InsurX’s innovative range of products, including the Smart Consortium, are playing a key role in reshaping risk syndication. By meeting the changing demands of brokers, capacity providers, and leaders like Chaucer, InsurX is helping modernise the market and unlock significant growth opportunities across the London insurance landscape.

Mel Smart, Head of International Property at Chaucer said: “The future of our insurance industry is undergoing a transformation. Ever increasing demands on speed of service, and growing facilitised capacity, are reshaping what’s required to be a true leader. By working with InsurX we can enhance the service we provide to our brokers, offering significant capacity, in addition to our own, within a few hours of issuing a quote.”

“We have a leading team of very experienced and technical underwriters, and a strong desire to “find a way” to providing bespoke solutions to our clients and brokers. By combining this with increased capacity via InsurX’s Smart Consortium, we can further enhance our lead offering.”

Gilbert Harrap, CEO at InsurX said: “We have been working closely with Chaucer since 2023, when they first launched algorithmic capacity in the contingency market using InsurX’s exchange technology. We are now excited to be working with Chaucer in another class – international D&F property.

Chaucer’s underwriting performance, market leading claims reputation and impressive bench strength speaks for itself, and we are pleased to launch this partnership which reaffirms their dominant position as leaders in a highly competitive market. We’re proud to work alongside Mel and the team at Chaucer, and I’m confident our partnership will bring significant benefits to the entire market ecosystem.”