Specialist re/insurer Apollo has announced its new ICX Consortium through its Apollo ibott 1971 division.
Apollo suggests it intends to deploy lead capacity through the consortium, which will be led by Syndicate 1971, to create a “facility for innovation in the insurance industry.”
The new ICX vehicle will deliver bespoke insurance products previously outside of Syndicate 1971’s core offering including intellectual property, parametric solutions, new mobility and more.
Apollo has appointed new hire Hayley Budd to lead its Innovation class and ICX Consortium, with the firm noting that she will have access to its market-leading Actuarial, Claims and Data Science capabilities.
Budd most recently served at Swiss Re as Senior New Propositions & Partnerships Lead.
In addition, Apollo has joined forces with Aon to “continue leading in the innovation space.” Aon’s CIO Jillian Slyfield said, “Aon is investing heavily in new insurance verticals of the future and finding the capacity to meet these evolving needs is difficult.
“We are thrilled to see what Apollo and Lloyd’s are building in regards to insurance innovation and look forward to the great partnerships we can build ahead.”
James Slaughter, Apollo Group CUO, added, “The Apollo ibott 1971 team is at the forefront of its field, creating bespoke products to enable our client’s innovation.
“Hayley brings significant experience to this new role and will be a hugely valuable addition to an already exciting team.
“We look forward to collaborating with our valued partners on the possibilities in this space as we continue to spearhead innovation.”
Apollo ibott 1971 was formed in 2018, first as an SPA and then as a full syndicate in 2021.
Speaking at a recent Lloyd’s event, Chris Moore, Head of Apollo ibott 1971, highlighted the need for insurers to embrace new risk opportunities that do not fit the rigid insurance verticals the industry has relied upon for so long.
Apollo suggests that this innovation consortium seeks to address that problem by solving true insurance gaps of currently underserved exposures.
