Bermudian-based Everest Reinsurance Ltd is to provide reinsurance underwriting capacity for Aspect Labs Ltd, a new insurer that is focused on writing hard-to-place small to mid-market property re/insurance across Britain and Europe.

Aspect fully opened its doors for business on Wednesday, and in doing so, said it will write underserved segments of the re/insurance market and utilise the latest tech platforms to gain advantages in speed and risk insight.

Aspect will initially begin in the direct and facultative small to mid-market property arena in Britain, Ireland, the Netherlands and more widely across the whole of continental Europe, with plans to expand beyond this in the future.

It said the team comprises 15 people working flexibly across the world with hubs in the United Kingdom, the Netherlands and Argentina.

Insurance underwriting capacity is provided by AmTrust International Underwriters DAC and AmTrust Europe Limited, which will also provide reinsurance underwriting capacity.

Aspect said the team trades with brokers in nine languages including English, Dutch, German, Spanish, Italian, French and Swedish.

Henrik Webster, cofounder and managing director of Aspect, said: “By very deliberately focusing on small to mid-market risks with some higher inherent hazards, we aim to give brokers a home for tricky placements that are too small for Lloyd’s.

“We can enable brokers to complete placements that are missing that final few per cent on the slip and we can provide a compelling option for brokers with nowhere else to go.

“We take immense pride in being able to speak to brokers all over Europe in their own language, and provide an easy-to-use online tool to help them structure their submissions to get rapid responses from our underwriters”.

Aspect said it has written about £5.5 million of gross premiums while in stealth mode and expects premiums to top £25 million annually by the end of next year.