Ardonagh Group has launched an insurtech to connect data, distribution and capacity more intelligently across specialty insurance.

Axiiem has been developed using in-house technology and will be led by executive chairman James Masterton.

CEO David Ross says investment in data and analytics and the creation of Ardonagh Intelligence early last year paved the way for the new enterprise.

“Axiiem is a natural next step – a tech-enabled trading exchange built on seven years of proprietary data and capability that we’re now unleashing as a business in its own right,” he said.

Ardonagh says digital and algorithmic underwriting models have become a growing feature of the Lloyd’s market, where enhanced underwriting and digital follow capabilities are being used to simplify placement and improve speed to quote.

Mr Masterton says Axiiem provides greater immediacy for clients and brokers, and a more efficient route to product and portfolio distribution for carriers. “The opportunity is not just to digitise existing activity but to improve how business flows through the market, attracting shares of portfolios to London that historically remained in domestic markets,” he said.