Apollo Launches Captive Syndicate at Lloyd’s

Apollo Syndicate Management Ltd., the Lloyd’s managing agent, announced the launch of the first captive syndicate to be launched under Lloyd’s revised captive syndicate model.

The captive syndicate, which is managed by Apollo, is in partnership with a major global Apollo client, which was not identified.

Apollo described the launch as the first captive syndicate of the “modern era” at Lloyd’s, created after the rules for captive syndicates were changed in 2022. (An Apollo representative explained there was previously a captive syndicate at Lloyd’s, operated by SmithKline Beecham, which closed in 2001).

The launch of the new syndicate signals the start of Lloyd’s new initiative where large captive clients can retain risk through their own Lloyd’s rated syndicate, instead of via more traditional captive models, Apollo said, noting that it significantly increases the flexibility of a client’s risk retention and allows 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.

David Ibeson, group CEO of Apollo, described the launch of Lloyd’s first captive syndicate as a great achievement for the company’s client, as well as for Apollo, and the insurance industry. “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.”

“We are delighted to welcome Captive Syndicate 1100, which is the first syndicate to be launched under Lloyd’s revised captive syndicate model,” according to Dawn Miller, commercial director, Lloyd’s.

“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 added. “We look forward to welcoming further businesses to our captive platform in the near future.”

Apollo offers insurance products across property, casualty, marine, energy & transportation, specialty and reinsurance through Syndicate 1969. Through Syndicate 1971, it offers digital and embedded risk programs. Its Strategic Partner Syndicates business supports new Lloyd’s entrants from initial concept to full managing agency services.

Source: Apollo

Topics Excess Surplus Lloyd's