Apollo Syndicate Management has launched the first captive syndicate at Lloyd’s. According to the company, Apollo is managing a captive syndicate in partnership with a major global client, with the aim of expanding its extensive market offering and leading managing agency services. The launch signals the start of a new initiative at Lloyd’s, where large captive clients can retain risk through their own Lloyd's-rated syndicate instead of via more traditional captive models. It can increase a client's risk retention flexibility and allow them to take advantage of what their own Lloyd's syndicate offers. This move follows recent launches by Apollo, including Envelop SPA 1925, ASR Syndicate 2454, and NormanMax Syndicate 3939. David Ibeson, group CEO at Apollo, comments: “Establishing the first captive syndicate is a great achievement for our client 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 at Apollo, adds: “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.” Dawn Miller, commercial director at Lloyd’s, remarks: “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, licence network and financial strength ratings. We look forward to welcoming further businesses to our captive platform in the near future.” Lloyd's released a guide on its captive syndicates for applicants in January 2023, with an application fee of £100,000. This framework allows companies to operate a captive within London's insurance market.
