Apollo Insurance Solutions announced that it has secured coverholder status with Lloyd’s of London. This will give APOLLO access to an expanded product portfolio, and the ability to manufacture unique products to respond even more rapidly to emerging market opportunities.
Launched in April 2019, APOLLO now offers the largest selection of online insurance in Canada. In January 2021, APOLLO announced the close of a CAD $13.5 million Series A financing round.
“Achieving coverholder status with Lloyd’s of London — the most prestigious name in the insurance industry — allows APOLLO to move even faster,” said APOLLO CEO Jeff McCann. “The 2020’s promise a renaissance of entrepreneurship, and APOLLO will be there to support small businesses and individuals with access to digital insurance products.”
APOLLO’s proprietary technology platform, the APOLLO Exchange, transacts insurance business in real time, and leverages extensive data and sophisticated algorithms to quote, collect payment, create and deliver policies. Thousands of types of small businesses and individuals are able to buy online without human intervention.
“It’s great to see innovative, new insurance companies like APOLLO working with Lloyd’s and we are excited for this partnership,” said Marc Lipman, Lloyd’s Canada CEO. “The expertise of the Lloyd’s market combined with APOLLO’s innovative approach will make a positive impact on the insurance industry.”
This achievement follows the appointment of Marco Andolfatto as APOLLO’s Chief Underwriting Officer last year.
“APOLLO has created an entirely modern insurance purchasing experience — digital, instant and paperless — in line with everything else in our daily lives,” said Andolfatto. “This coverholder status will enable us to rapidly expand our product offering.”