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Martin Reith becomes chairman of Artificial Labs

Anna Burge
Anna Burge25-Oct-2022

Artificial Labs Ltd today announces the appointment of Martin Reith as Chairman of the Board with immediate effect.

Ascot founder Reith becomes chairman of InsurTech Artificial Labs

Artificial Labs is a leading UK insurtech providing algorithmic underwriting technology to the commercial and specialty insurance market.

Reith has almost 40 years’ experience in the insurance and reinsurance space. He is the founder and served as Group CEO of Ascot Underwriting Limited, which he established in 2001 with backing from AIG. Ascot quickly grew into one of the largest and top-performing businesses under Reith’s leadership. After stepping down as CEO in 2009, he served as a Non-Executive on Ascot's Board until 2011.

Prior to Ascot, he served as CEO of XL Capital's Insurance Operations in London. He also previously held board positions at Neon Underwriting Limited, as CEO from 2015 to 2019, and then in a Non-Executive role until 2020.

His most recent board appointments include Non-Executive and strategic roles at Helios Underwriting Plc, the Lloyd’s of London focused investment and underwriting vehicle, since 2021 and at Prospero Re Ltd, the rated reinsurance vehicle of Bermuda headquartered ILS fund and investment manager Resolute Global Partners, since July 2022.

He is the founder of his family’s charitable trust and former Chairman of Derby-based charity, The Maria Hanson Foundation. He has also been a member of the Board of Directors at AmWINS Group Inc. and has previously served as Advisory Director to Securis Investment Partners LLP, an ILS fund based in London. He has a portfolio of other insurance and non-insurance investments.

Martin Reith succeeds previous Chairman Mark Gifford who secured £9.5M in Series A investment for Artificial Labs to accelerate its growth and the development of its technology. Mark will continue to act as a Non-Executive Director and Investor Director for No 9 Investments.

Martin Reith commented:

“I am thrilled to take up this exciting role at Artificial, having been impressed with what the team have already achieved under the stewardship of Mark. There is enormous opportunity in the algorithmic underwriting space and Artificial is well positioned to maximise this.”

“I shall help shape and execute the strategic direction of the company. Our value proposition is in tune with the fundamental need for the market to streamline flow in the most effective, accretive and efficient manner. I hope my considerable experience in the market will help identify new and exciting opportunities.”

Artificial co-founder and CCO David King said:

“We are delighted to welcome esteemed insurance figurehead Martin Reith to the Artificial Board. He brings unparalleled strategic insight, expertise and experience to the team and his contribution will be invaluable as we work towards our vision of a powerful algorithmic insurance ecosystem for the UK and global markets.”

About Artificial Labs

Artificial is a London-based insurtech business offering an algorithmic underwriting, data extraction and machine learning platform to commercial and specialty insurers, empowering them to write better risks, faster. We provide solutions to partners across the London and global markets, including AXIS, Convex, Chaucer and more.

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