Apollo Syndicate Management and legacy acquirer Compre have partnered to launch a new Lloyd’s legacy business Syndicate 1994, which recently received approval from The Council of Lloyd’s.
This is Compre’s first Lloyd’s transaction, and involves the acquisition of Apollo Syndicate 1969’s 2017 and prior years of account, it said in a statement. The RITC agreement also includes the transfer of around US$125 million of reserves to Syndicate 1994.
According to Apollo, it will be the managing agency for the new syndicate, which will target mid-market portfolios within the growing Lloyd’s legacy market.
Mark Lawson, group actuarial director at Compre, will be the active underwriter and syndicate run-off manager, while maintaining his role as group actuary. Rob Margetts, head of Lloyd’s at Compre, will lead its Lloyd’s operations
“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,” Compre CEO Will Bridger said. “This transaction fulfils a long-held ambition of Compre, which ideally positions us to undertake further transactions and participate in the Lloyd’s legacy market.”
“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,” added David Ibeson, Apollo group CEO. “I look forward to a long and profitable partnership with the Compre team.”
Guy Carpenter acted as advisers to Apollo for the transaction, while Debevoise & Plimpton LLP (legal), PwC (actuarial) and Gary Crowley at Auxilium GC (claims support) advised Compre.
