Compre, the international specialist legacy group, has entered into a strategic partnership with Apollo Syndicate Management to launch a new Lloyd’s legacy Syndicate 1994.
Syndicate 1994 has received approval from The Council of Lloyd’s and will have the ability to execute the full range of legacy transactions at Lloyd’s.
Its first transaction will see the Apollo syndicate 1969’s prior year portfolio, which includes US liabilities, marine and energy and property risks, transfer through split reinsurance to close into syndicate 1994.
Rob Margetts, head of Lloyd’s at Compre, will lead the legacy acquirer’s Lloyd’s operations.
Mark Lawson, group actuarial director at Compre, will be the active underwriter and syndicate run-off manager for syndicate 1994 while maintaining his role as Compre group actuary.
Apollo has also reached a reinsurance to close (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 $125 million of reserves to Syndicate 1994.
Commenting on the new partnership, Will Bridger, CEO of Compre, says: “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 fulfils a long-held ambition of Compre, which ideally positions us to undertake further transactions and participate in Lloyd's legacy market.”
David Ibeson, group CEO at Apollo, notes: “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.”
In December 2020, Cinven and British Columbia Investment Management Corporation (BCI) agreed to acquire Compre from existing shareholders CBPE Capital, Hudson Structured Capital Management and Compre’s management.
Guy Carpenter acted as advisers to Apollo for this transaction.
Key advisors to Compre on the transaction included: Debevoise & Plimpton (legal), PwC (actuarial) and Gary Crowley at Auxilium GC (claims support).
