Tritech Brokers has completed the reinsurance placement for a new excess of loss property insurance facility operated by Aspect Labs, bringing further capacity to sectors where coverage has grown increasingly difficult to secure.
The facility, fronted by Hadron Insurance, targets property risks in recycling, waste management, and specialist accommodation – segments that have seen a significant exodus of insurers in recent years due to fire exposure, claims volatility, and heightened risk profiles.
Industry participants say fire risk is central to the problem. Kristin Poffenberger, of Eureka Recycling, estimated that around 80% of insurers covering the waste and recycling class have exited the sector in the past five to seven years.
"There's a lack of competition in that space and there have been some really big losses in the industry," she said.
Specialist accommodation, meanwhile, is often grouped alongside supported housing or social housing for vulnerable tenants – a classification that can lead to restricted cover, higher premiums, and tighter conditions.
The facility is operated by Aspect Labs, a London-based MGA launched by a team of executives from Medici Facultative. The firm is headed by managing director Henrik Webster, alongside chief underwriting officer Oli Williamson and head of Europe Jeroen Goldman. Aspect Labs is a subsidiary of Howden broker ES Risks.
Webster said the MGA was built around "small to mid-market risks with some higher inherent hazards," adding that Aspect Labs aims to give brokers "a home for tricky placements that are too small for Lloyd's."
Tritech served as the reinsurance broker responsible for structuring the facility's panel. The company will distribute capacity through its retail broking division while also offering wholesale access to other broker firms.
Julie Benstead, CEO at Tritech Brokers, said the company is "proud to have structured the reinsurance for this facility" alongside Aspect Labs and Hadron Insurance.
She described the capacity gap in high-hazard sectors as "significant," adding that Tritech is prepared to support placements through both retail operations and wholesale partnerships.
Benstead noted that Tritech's dual role allows it to support brokers seeking access to the facility while enabling them to retain their client relationships.
John Andrews, chief underwriting officer at Hadron Insurance, said Tritech's combined role in arranging reinsurance and handling distribution "adds real value to this facility." Andrews also confirmed that Aspect Labs has been added to Hadron's portfolio of managing general agents.
