Apollo Syndicate Management has announced the launch of the first captive syndicate of the modern era at Lloyd’s.
Managed by Apollo, the captive syndicate is in partnership with a major global client and is the latest development in Apollo’s efforts to expand its market offerings and managing agency services.
This launch marks the beginning of Lloyd’s new initiative allowing large captive clients to retain risk through their own Lloyd’s-rated syndicate instead of traditional captive models.
This approach, Apollo explained, increases the flexibility of a client’s risk retention and provides the benefits of their own Lloyd’s syndicate.
This development also adds to Apollo’s managing agency portfolio, which recently introduced Envelop SPA 1925, ASR Syndicate 2454, and NormanMax Syndicate 3939.
David Ibeson, group CEO, highlighted the new initiative as a major achievement.
“Establishing the first captive syndicate is a great achievement for our client, Apollo, and our 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,” Ibeson said.
Andrew Gray, director of Strategic Partner Syndicates, noted Apollo’s commitment to building long-term partnerships with entrepreneurial and ambitious businesses seeking access to Lloyd’s. He said that managing agency services allow strategic partners to benefit from an innovative approach to underwriting.
“This latest achievement is a huge testament to the teamwork of all parties. We look forward to further successes in 2024 and beyond,” Gray said.
Meanwhile, Dawn Miller, commercial director at Lloyd’s, expressed delight at the arrival of Captive Syndicate 1100, the first 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. We look forward to welcoming further businesses to our captive platform in the near future,” Miller said.
What are your thoughts on this story? Please feel free to share your comments below.
