Lloyd’s has approved Crux Risk Services as a coverholder. The managing general agent specialises in delegated authority terrorism underwriting. Initial capacity is led by Chaucer and the binder broker is BMS. Crux is a client of MGA accelerator DA Strategy, which provides it with appointed representative licensing.

Mike O’Connor, chief underwriting officer at Crux, said: “The combination of a large, aggregated line size and a modern cloud-based straight-through-processing system gives Crux the ability to deliver best-in-class user experience and efficiency to both its brokers and markets, cutting the time taken to bind business from days to minutes.”

Charles Rowley, chief executive officer of DA Strategy, added: “Crux is poised to make a significant impact in the terrorism market with its distribution hub which offers unparalleled service.”