First captive syndicate of ‘modern era’ launches at Lloyd’s

Apollo Syndicate Management has launched the “first captive syndicate of the modern era at Lloyd’s” in partnership with a “major global client”.

Captive Syndicate 1100 is the first syndicate to be launched under Lloyd’s revised Captive syndicate model. It will be managed by Apollo.

Apollo said the launch 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. 

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, it added.

The captive syndicate follows Apollo’s recent launches including Envelop SPA 1925, ASR Syndicate 2454, and NormanMax Syndicate 3939.

David Ibeson, group chief executive officer, said: “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.”

Andrew Gray, director of strategic partner syndicates, said: “Apollo is committed to delivering mutual success through building long-term partnerships with like-minded, entrepreneurial and ambitious businesses seeking access to Lloyd’s. Apollo’s flexible and bespoke managing agency services allow our strategic partners to benefit from our innovative, collaborative and entrepreneurial approach to underwriting and our successful track record of establishing and managing Lloyd’s syndicates. This latest achievement is a huge testament to the teamwork of all parties. We look forward to further successes in 2024 and beyond.”

Dawn Miller, commercial director, Lloyd’s, said: “We are delighted to welcome Captive Syndicate 1100, which is the first syndicate 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, license network and financial strength ratings. We look forward to welcoming further businesses to our captive platform in the near future.”

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