Independent specialist re/insurer Apollo Syndicate Management has underlined the opportunities it sees in the property catastrophe reinsurance space, ahead of its operational partnership with Pelican Ventures and J.C. Flowers & Co.
As part of the acquisition, terms for an operational partnership with Apollo had also been agreed.
The partnership will be aimed at further developing SPA 6133, a Lloyd’s special purpose arrangement focused on P&C reinsurance.
Flowers will provide additional capital, operational support and distribution to Apollo-managed SPA 6133 as rating momentum accelerates, while Apollo continues to manage the SPA.
It is anticipated the agreement, which is subject to regulatory approvals, will be finalised in the fourth quarter.
It’s hoped the partnership will enable SPA 6133 to efficiently capitalise on the significantly improved rating environment.
“There is a significant opportunity in the property catastrophe reinsurance market as rates increase and demand grows and we are pleased that Pelican and J. C. Flowers are supporting our future plans,” said Ibeson.
“Both our businesses stand to benefit from this partnership as we look to deliver market-beating returns to our stakeholders and market-leading service to our clients.
“SPA 6133’s team of reinsurance experts will gain Pelican’s extensive distribution networks and cutting-edge technological and analytical underwriting support.
“We look forward to further collaboration with such outstanding industry leaders to build on the excellent work of SPA 6133’s team.”
