New syndicate at Lloyd’s managed by Apollo in partnership with “a major global client”.
Apollo Syndicate Management has launched of the first captive syndicate of the modern era at Lloyd’s.
This captive insurance syndicate, managed by Apollo, is in partnership with a major global client.
Apollo said the launch signalled the start of Lloyd’s new initiative for large captive clients to retain risk through their own Lloyd’s rated syndicate, instead of typical captive re/insurance models.
The syndicate management firm said it would increase the flexibility of a client’s risk retention, allowing them to take advantage of what their own Lloyd’s syndicate offers.
This latest development in Apollo’s managing agency portfolio follows recent launches, including Envelop SPA 1925, ASR Syndicate 2454 and NormanMax Syndicate 3939.
“Establishing the first captive syndicate is a great achievement for our client, Apollo, and our industry,” said David Ibeson, Apollo’s group CEO.
“We are extremely proud of this milestone and the way in which it reinforces Apollo’s reputation for the delivery of market-leading innovation at Lloyd’s,” he said.
Andrew Gray, director of strategic partner syndicates, said: “Apollo is committed to delivering mutual success through building long-term partnerships with like-minded, entrepreneurial and ambitious businesses seeking access to Lloyd’s.
“Apollo’s flexible and bespoke managing agency services allow our strategic partners to benefit from our innovative, collaborative and entrepreneurial approach to underwriting and our successful track record of establishing and managing Lloyd’s syndicates.”
Gray added: “This latest achievement is a huge testament to the teamwork of all parties. We look forward to further successes in 2024 and beyond.”
Dawn Miller, commercial director, Lloyd’s, said: “We are delighted to welcome Captive Syndicate 1100, which is the first syndicate to be launched under Lloyd’s revised Captive syndicate model.
“As part of our ongoing work to provide specialist risk solutions for our customers, we have sought to align our captive structure with the needs of third parties seeking access to operational benefits through Lloyd’s global insurance expertise, licence network and financial strength ratings,” Miller said.
“We look forward to welcoming further businesses to our captive platform in the near future,” she added.
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