What Tristar Special Risks does

Tristar Special Risks, operating under the MX Special Risks brand, is a specialist UK insurance underwriting business that provides coverage for complex and hard-to-place risks that standard insurers typically decline. The company is an Appointed Representative of GB Underwriting Limited (FCA FRN: 304281), part of the Specialist Risk Group, which provides Lloyd's market access and regulatory standing. Its product portfolio is anchored by Terrorism coverage — where the team holds over 20 years of underwriting expertise — and extends to Property Owners (including DSS Lets and Unoccupied Properties), Liability, Commercial Combined, Real Estate, Renewables, and Mergers & Acquisitions insurance.

The firm's technical backbone consists of two proprietary platforms: Zorinn, a trading platform enabling brokers to instantly quote, edit, bind, and service risks with automated renewals and 24/7 access, and MXC Online, a self-service portal for mid-market products such as Employers' and Public Liability, Contractors All Risks, Excess of Loss, and Property Owners. Both platforms emphasize ease of use, bank-level security, and integrated claims notification.

Commercially, Tristar operates as a B2B intermediary, distributing exclusively through insurance brokers who place specialist risks on behalf of their end clients. Revenue is generated through insurance premiums and commissions on individually underwritten, quote-based policies. Pricing is risk-specific and not publicly disclosed, with billing on an annual cycle. The firm is privately held, headquartered in Beckenham with a registered London office, and operates with a small team of 1–10 employees.

Name

Tristar Special Risks

Legal name

MX Special Risks Limited

Website

https://tristarspecialrisks.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Tristar Special Risks (MX Special Risks) is a UK specialist insurance underwriting firm that provides complex-risk coverage including Terrorism, Property Owners, Liability, and M&A insurance exclusively through insurance brokers, supported by proprietary Zorinn and MXC Online trading platforms.

Ownership category

akta.pro rank

Product category

Specialty Insurance Underwriting

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Insurance Carriers and Related Activities (524)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

Keywords

• Specialist insurance underwriting
• Terrorism insurance coverage
• Property owners insurance
• Commercial combined insurance
• Mergers acquisitions insurance

Headquarters

HQ city

Beckenham

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Specialist Insurance Underwriting: MX Special Risks underwrites complex insurance products including Terrorism, Property Owners, Liability, and Mergers & Acquisitions coverage, generating revenue through insurance premiums. The company operates as an insurance intermediary earning commissions or underwriting profit from bound policies.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Tristar Special Risks (MX Special Risks Limited) is a specialist insurance underwriting business that underwrites complex risks including Terrorism, Property Owners, Liability, Commercial Combined, Real Estate, Renewables, and Mergers & Acquisitions coverage. Products are distributed exclusively through insurance brokers via the proprietary Zorinn trading platform and MXC Online portal, with the firm operating as an Appointed Representative of GB Underwriting Limited (FCA FRN: 304281).

Product overview

MX Special Risks is a data-driven insurance underwriting business offering a platform of specialized insurance products. The core offerings include Terrorism coverage (the primary specialization with over 20 years of expertise), Real Estate, Renewables, and Mergers & Acquisitions insurance under the Risk Solutions umbrella, plus Commercial Combined, Liability, and Property Owners insurance under the Commercial umbrella. These products are supported by two technology platforms: MXC Online for broker quotation and policy binding, and Zorinn for trading platform operations including quoting, policy management, and claims.

Differentiator

Problem solved

Functional benefit

Brands

• Zorinn: User-friendly trading platform for instantly quoting, editing, binding risks, and downloading documents

Products and services

• Terrorism Insurance Comprehensive Terrorism coverage for all types of commercial and residential risks, including political and religious properties. Sold exclusively to insurance brokers for placement on behalf of their clients.
• Real Estate Insurance Protects property investments and mitigates risks that affect property developments and portfolio values, helping brokers make client real estate assets more bankable.
• Renewables Insurance Provides tools designed to help brokers support clients transitioning to renewable practices and unlock development opportunities in the renewables sector.
• Mergers & Acquisitions Insurance Wraps M&A risks into one efficient policy to ensure business goals go to plan, sold via brokers for parties to M&A transactions.
• Commercial Combined Insurance Comprehensive insurance package suitable for businesses across a range of sectors with flexible limits, distributed via brokers.
• Liability Insurance Flexible specialist Liability insurance cover for contractors across a variety of trades, placed through insurance brokers.
• Property Owners Insurance Coverage for complex property owner cases including DSS Lets and Unoccupied Properties that most insurers cannot provide, distributed via brokers.
• MXC Online Self-service online portal with 24/7 access enabling brokers to obtain and bind quotations for Primary Employers' and Public Liability, Contractors All Risks, Excess of Loss, Unoccupied Property, and Property Owners risks.
• Zorinn Broker Trading Platform User-friendly trading platform enabling brokers to instantly quote, edit, bind risks, download documents, make mid-term adjustments, endorsements, cancellations, and NTUs, with automated renewals one month before renewal date, 24/7 worldwide policy access, unlimited user management, secure European hosting with 128-bit bank-level security, claim notification, and monthly account reconciliation.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• GB Underwriting LimitedcoreStrategic or Co-development PartnerMX Special Risks Limited operates as an Appointed Representative of GB Underwriting Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 304281). GB Underwriting Limited is part of the Specialist Risk Group, providing regulatory oversight and Lloyd's market access.

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Hiscox: Lloyd's-based specialty insurer with a broader portfolio spanning specialty commercial, fine art, and professional lines. Comparable in serving UK brokers with complex-risk appetite, but at materially larger scale and product breadth.
• AIG (UK) / Lexington Insurance: Major global insurer with a long-standing Terrorism and political risk book served through the London broker market. Comparable in writing specialist Terrorism coverage that MX Special Risks specializes in.
• Liberty Specialty Markets: London-based specialty arm of Liberty Mutual writing property, casualty, and financial lines at Lloyd's. Comparable as a large specialty underwriter competing for the same broker-placed complex-risk business.
• Markel International: Specialty insurer and Lloyd's operator (Markel Syndicate 3000) writing professional liability, property, and marine/energy lines. Overlaps with MX Special Risks on the commercial/specialty side via the London broker market.

Direct peers

• Lancashire Holdings: Bermuda/London-based specialty insurer focused on property, aviation, marine, and energy — and historically active in terrorism and political risk. Comparable specialty-risk focus and broker-driven distribution.
• Ark Syndicate Management: Lloyd's syndicate writing specialty lines including terrorism, property, and contingency. Comparable London Market specialty underwriter serving brokers with overlapping product categories.
• CFC Underwriting: London-based MGA writing specialty and complex commercial lines through brokers. Closely comparable business model — broker-distributed, technology-enabled, niche-focused underwriting agency — to MX Special Risks.
• Chaucer Holdings: Lloyd's specialty insurer writing a range of specialist classes through brokers. Comparable scope of specialty/complex commercial underwriting distributed via the London broker market.
• Beazley: Lloyd's-listed specialty insurer with a strong London Market presence writing complex commercial, property, and liability risks. Comparable as a specialty underwriter serving brokers with capabilities overlapping MX Special Risks' Liability, Property Owners, and Terrorism-adjacent lines.
• Musgrave Underwriters: Specialist Lloyd's MGA writing niche property and liability classes via UK brokers. Closely comparable broker-distributed, niche-focused underwriting agency model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/tristar-special-risks-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tristar Special Risks