Lloyd’s business Apollo Group Holdings Limited will be backed by Alchemy Special Opportunities Fund IV LP (Alchemy) through an agreed investment worth US$90 million (around SG$122.01 million).
In a release, the independent specialist (re)insurer said the amount will support the continued growth of its hybrid underwriting model. The company, which leads a number of London market consortia, provides underwriting and syndicate management services for third parties alongside Apollo’s own balance sheet.
“We are delighted to be forming this new partnership with Alchemy,” commented Apollo chief executive David Ibeson. “It reinforces our belief in the continued opportunity provided in the Lloyd’s market.
“The investment by Alchemy underscores the benefits to our clients and partners of our experienced and talented team, recently bolstered by the appointment of James Slaughter as CUO in April and Hayley Spink as COO in May, combined with the backing of well-respected and informed investors.”
Meanwhile, in a joint statement, Alchemy partners Dominic Slade and Toby Westcott said the Lloyd’s insurance market continues to offer what they believe is an “excellent” investment opportunity.
“Working alongside talented management teams is a central component of our approach to create and grow value,” they noted, “and we are excited to be partnering with the Apollo team.”
