Independent specialist re/insurer Apollo has partnered with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International (TMHCCI) to lead its recently launched Lloyd’s Marine Builders’ Risk Consortium.
Apollo’s new consortium, which went live earlier in 2024, builds on an established arrangement in which the re/insurer has partnered with MRSL since 2019 in a successful Hull collaboration.
Already positioned in this sector, Apollo has strengthened its capabilities and enhanced its service with the recent appointment of Kyu Byun from WTW.
As the shipping industry transitions to greener energy and sees an expansion in naval shipbuilding, the need for lead capacity in London has grown. Apollo’s new consortium offers brokers lead line capacity up to $75 million each vessel.
Iain Henstridge, leader of Apollo’s Hull Class, commented: “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, added: “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.”
