Canopius Group has announced the launch of its algorithmic underwriting platform, Vave, as an MGA.
Devised and developed in-house, Vave began trading in May 2019, and has since quoted over 1.2 million risks, representing $2.2bn (£1.5bn) of premium.
It is also forecasted to exceed $100m (£70.7m) in premiums by the end of the year.
The platform is controlled by data-driven underwriting algorithms and, drawing on attributes from millions of lines of risk information, the team can validate the model and make improvements continually.
Marek Shaferm, MGA leader, Canopius, said: “Vave’s vast potential was evident very early on and as an MGA it can access the capital required to really set it loose in terms of scale and sophistication.
“It is hyper efficient for brokers and, with greatly reduced frictional costs, highly effective from a capacity perspective. Vave is not a delegated authority play, in fact it is arguably the opposite as it is bringing the underwriting back to London.”
Mike Duffy, chief underwriting officer, Canopius, added: “Vave was created as this is exactly the kind of innovation Lloyd’s requires from the market. After three years of development and a highly successful year of trading, we believe Vave is the future of Lloyd’s.
“By reducing costs and improving data accuracy through its digital processes, Vave is already demonstrating some of the market’s key ambitions outlined in Blueprint Two.”