Apollo Syndicate Management (“Apollo”), the independent specialist insurer and reinsurer, today announced a strategic partnership with legacy acquirer Compre. This includes the launch of a new Lloyd’s legacy business focussed Syndicate 1994, which has received approval from The Council of Lloyd’s.
Apollo will be the managing agency for the new Syndicate, which will target mid-market portfolios within the growing Lloyd’s legacy space. Mark Lawson, group actuarial director at Compre, will be the active underwriter and syndicate run-off manager, while maintaining his role as Compre group actuary.
Apollo has also reached an RITC agreement with Compre for the sale of the Apollo Syndicate 1969’s liabilities stemming from 2017 and prior years and the transfer of around $125m of reserves to Syndicate 1994. Guy Carpenter acted as advisers to Apollo for this transaction.
David Ibeson, group CEO at Apollo, said: “This strategic partnership complements Apollo’s long-term ambitions, provides the market with an alternative legacy option supported by a great depth of experience and, through the Syndicate 1969 RITC transaction, allows us to better align our capital with market opportunities as the rating environment continues to improve. I look forward to a long and profitable partnership with the Compre team.”
Andrew Gray, director for strategic partner syndicates at Apollo, said: “We are delighted to welcome Compre as our first Strategic Partner Syndicate. It is a testament to the expertise, professionalism and teamwork of Apollo and Compre that the new syndicate has been delivered swiftly and successfully during the current challenging working environment. Our Lloyd’s syndicate management expertise will enable us to support Compre’s ambition to become a leading Lloyd’s legacy solution provider.”
Will Bridger, CEO at Compre Group, said: “I am delighted to announce yet another milestone for Compre with the launch of our partnership with Apollo, our new Lloyd’s syndicate 1994 and our first Lloyd’s RITC transaction. This transaction fulfills a long-held ambition of Compre, which ideally positions us to undertake further transactions and participate in the Lloyd’s legacy market.”