Apollo, an independent specialist reinsurer, has collaborated with Munich Re Syndicate (MRSL) and Tokio Marine HCC International to spearhead its newly launched Lloyd’s Marine Builders’ Risk Consortium.
The consortium, which commenced operations earlier in 2024, is a continuation of Apollo’s successful collaboration with MRSL that began in 2019, focusing on hull insurance.
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According to Apollo, the consortium aims to address increasing demand for lead capacity in London’s insurance market, particularly as the shipping industry shifts towards more sustainable energy sources and experiences growth in naval shipbuilding.
It is now offering brokers a lead line capacity of up to $75m for each vessel.
Apollo’s strategic move in the marine insurance space is complemented by the recent hiring of Kyu Byun from WTW in the role of marine underwriter.
Apollo hull class leader Iain Henstridge said: “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.
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By GlobalData“Kyu’s appointment, our cooperation with the surveying community, and the extra firepower that the new consortium brings means that Apollo and our partners in this venture are well positioned to take advantage of this exciting opportunity.”
Recently, Apollo also expanded its insurance solutions for small and medium-sized enterprises (SMEs) in the UK.
In collaboration with Lloyd’s of London broker Innovative Risk Labs, Apollo introduced JustParent, an insurance product tailored to mitigate the financial risks SMEs face due to parental leave.
Furthermore, in January, Envelop Risk unveiled Envelop SPA 1925, a dedicated cyber reinsurance special purpose arrangement at Lloyd’s.
This venture was launched in partnership with Apollo through its Strategic Partner Syndicates business and Apollo Syndicate 1971.
