Apollo, the London-based independent specialist re/insurer, announced its new ICX Consortium through its “Apollo ibott 1971” division, which provides data-driven embedded insurance solutions for the fast-growing digital economy.
Apollo plans to deploy meaningful lead capacity through the consortium which will be led by Apollo Syndicate 1971, creating a facility for innovation in the insurance industry.
Insurers must embrace new risk opportunities that do not fit the rigid insurance verticals the industry has relied upon for so long, according to Chris Moore, head of Apollo ibott 1971. This innovation consortium seeks to address that exact problem by solving true insurance gaps of currently underserved exposures, the company said.
Apollo ibott 1971 was formed in 2018, first as a Lloyd’s special purpose arrangement (SPA) and then as a full syndicate in 2021, further diversifying Apollo’s range of classes and managing agency services.
The new ICX vehicle will deliver bespoke insurance products (previously outside of Syndicate 1971’s core offering), such as intellectual property, parametric solutions, new mobility and more.
Apollo have appointed new hire Hayley Budd to lead their Innovation class and ICX Consortium following her most recent role at Swiss Re as senior New Propositions & Partnerships lead.
In addition, Apollo have joined forces with Aon to continue leading in the innovation space.
“Aon is investing heavily in new insurance verticals of the future and finding capacity to meet these evolving needs is difficult. We are thrilled to see what Apollo and Lloyd’s are building in regards to insurance innovation and look forward to the great partnerships we can build ahead,” Aon’s CIO Jillian Slyfield commented.
“The Apollo ibott 1971 team is at the forefront of its field, creating bespoke products to enable our clients’ innovation,” said James Slaughter, Apollo Group CUO.
“Hayley brings significant experience to this new role and will be a hugely valuable addition to an already exciting team. We look forward to collaborating with our valued partners on the possibilities in this space as we continue to spearhead innovation,” Slaughter continued.
Source: Apollo Underwriting
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