Apollo has announced a new builder’s risk consortium via a partnership with Munich Re Syndicate Limited (Munich Re) and Tokio Marine HCC International (TMHCCI).
Building on an established agreement between Apollo and Munich Re since 2019 in the hull specialty, the new consortium will offer brokers a lead line capacity of up to $75 million for each vessel. This has become particularly important since the transition of the shipping industry towards greener energy and its expansion in naval shipbuilding.
“This new consortium offers Lloyd’s brokers a genuine alternative, giving them a new route to market for their producers. These are often highly complex and technical risks, and we have a great team in place to service this exciting class, as well as our existing business,” said Iain Henstridge, leader of Apollo’s hull class.
Meanwhile, Dominick Hoare, chief underwriting officer at Munich Re Specialty Group, spoke of his delight at the partnership.
“I’m pleased our continued partnership with Apollo has enabled this new consortium. The global landscape remains a challenging environment, so we look forward to furthering the service we can provide to our valued clients,” he said.
Finally, completing the trio of firms involved, Tokio Marine HCC International’s head of marine Simon Shrimpton suggested that the new solution would an exciting offering for the marketplace.
“We are pleased to be involved in this new and exciting consortium which not only complements our existing builders risks book, but provides economies of scale to all participants, dedicated expertise and an efficient solution to traditional placements,” he said.
Apollo offers insurance products across property, casualty, marine, energy & transportation, specialty, reinsurance, and more through Syndicate 1969.
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