Reid is well known across the industry as he previously worked at Gallagher

Insurtech startup Pikl has appointed Stuart Reid as its new chairman. 

He joins deputy chairman Angela Seymour-Jackson, who joined the sharing economy insurance specialist last year.

Reid’s role initially will be to share his experience and provide board leadership; this aims to help Pikl with its growth strategy as well as ensure the organisation raises its profile while emphasising the need for specialist short-term letting insurance.

Reid is well known in the insurance industry, having worked within broking at Stuart Alexander, Bluefin and Arthur J Gallagher.

Stuart Reid

Source: Greg Funnell

Stuart Reid

Pikl announced last May that it had secured £2.5m of funding - this included a significant stake from Sir Peter Wood, founder of Direct Line and esure.

Joining forces

The position at Pikl is Reid’s first role since leaving Gallagher.

He acted as vice president of the Chartered Insurance Institute (CII) and chair of the CII Broking Faculty between 2012 and 2018, and was  also the deputy chairman of the British Insurance Brokers Association (BIBA) from 2014 to 2015.

In 2012, Reid was named the Insurance Times CEO of the Year at the annual Insurance Times Awards.

Reid said he was very excited about “joining forces” with Pikl.

Pikl chief executive and founder, Louise Birritteri, added: “It’s a fantastic coup to have secured [Reid’s] support.

”I have known him for many years and believe he will bring so much experience to the board role, in helping to formulate and execute our strategy and obviously to take full advantage of his many industry contacts built up over his 30 plus years in the industry.

“This is another significant step in the rapid growth of Pikl and provides us with the expertise and insight we need to scale up.”

Reid continued: “Being at the forefront of innovation in our industry is where I love to be and, with Pikl’s innovative products and approach to a new and blossoming market, I cannot wait to get started.

”Without doubt, Pikl has identified a clear gap in the market.

”It not only has superb commercial potential but will also make a real difference to the millions of people who rent out their rooms, whole properties or even car parking spaces, effectively ringfencing the valuable income they receive from the risk of theft, damage or liability.”

Back in November last year, Pikl announced its partnership with specialist insurer Hiscox to develop a scheme to provide insurance for customers using the sharing economy. The first policies will be aimed at people who let out their properties on a short-term basis.