25-03-2024: Apollo today announces its new Builders’ Risk Consortium in partnership with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International (TMHCCI). The new consortium, which went live earlier in 2024, builds on an established arrangement in which Apollo has partnered with MRSL since 2019 in a successful Hull collaboration.
Apollo already has a position in this sector, with the recent appointment of Kyu Byun from WTW strengthening its capabilities and enhancing its service to brokers and clients alike. The new consortium offers brokers lead line capacity up to USD75million each vessel.
The need for lead capacity in London comes as the shipping industry transitions to greener energy and sees an expansion in naval shipbuilding.
Iain Henstridge, leader of Apollo’s Hull Class, 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. 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.”
Dominick Hoare, Chief Underwriting Officer of Munich Re Specialty Group, said: ‘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.’
Simon Shrimpton, Head of Marine at Tokio Marine HCC International, said: ““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.”
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About Apollo:
Apollo is an innovative integrated insurance Group dedicated to providing high quality products and services to clients, brokers, and capital partners at Lloyd’s.
We offer insurance products across Property, Casualty, Marine, Energy & Transportation, Specialty, Reinsurance and Smart Follow divisions through Syndicate 1969. Through Syndicate 1971 we offer digital & embedded risk programmes.
Our Strategic Partner Syndicates business supports new Lloyd’s entrants from initial concept to full managing agency services.
About Munich Re Syndicate Limited (MRSL):
MRSL, managing agent of Syndicate 457 is a leading Lloyd’s market carrier and platform with a wealth of experienced underwriting expertise and comprehensive solutions. Supported by a strong network of service companies, Munich Re’s Syndicate 457 has a wide distribution network which gives a greater perspective for us to develop, innovate and fine-tune our portfolio of products to meet a challenging global landscape head on.
About TMHCC:
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $46 billion as of September 30, 2023. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from A.M. Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
Media contacts:
apollo@haggie.co.uk