Apollo Syndicate Management, the independent specialist insurer and reinsurer, has been granted in principle approval from The Council of Lloyd’s to convert Special Purpose Arrangement (SPA) 1971 into a standalone syndicate.
However, the approval remains subject to the completion of the Lloyd’s ‘making it happen’ (MIH) process.
The ibott SPA 1971 was launched in January 2019 at Lloyd’s and specialises in servicing client solutions for companies in the sharing economy through an underwriting, actuarial, and data science approach.
Matt Newman, Chief Strategy & Innovation Officer, said: “The Lloyd’s approval in principle paves the way for Apollo’s next step on its strategic growth plan,” said Matt Newman, Chief Strategy & Innovation Officer at Apollo.
“It is an exciting future for the ibott team, led by Chris Moore, who are dedicated to delivering innovative solutions to the global sharing economy and bringing new clients to Lloyd’s,” Newman continued.
“Becoming a standalone syndicate provides increasing flexibility and opportunity for our capital providers, strengthens our partnerships, and allows even more focus on our obsession with ‘client first’ engagement.”