Canadian online insurance provider, Apollo Insurance Solutions Ltd., has secured coverholder status with the specialist Lloyd’s of London insurance and reinsurance marketplace, providing it with access to an expanded product portfolio.
Additionally, by obtaining coverholder status at Lloyd’s, Apollo also gains the ability to develop unique products to respond even more rapidly to emerging market opportunities.
The company’s Chief Executive Officer (CEO), Jeff McCann, commented: “Achieving coverholder status with Lloyd’s of London — the most prestigious name in the insurance industry — allows APOLLO to move even faster.
“The 2020’s promise a renaissance of entrepreneurship, and APOLLO will be there to support small businesses and individuals with access to digital insurance products.”
Marc Lipman, Lloyd’s Canada CEO, added: “It’s great to see innovative, new insurance companies like APOLLO working with Lloyd’s and we are excited for this partnership. The expertise of the Lloyd’s market combined with APOLLO’s innovative approach will make a positive impact on the insurance industry.”
Apollo launched in April of 2019 and now offers the largest selection of online insurance in Canada. Earlier this year, the firm closed a CAD 13.5 million Series A funding round.
The company’s APOLLO Exchange proprietary technology platform transacts business in real time, and leverages extensive data and sophisticated algorithms to quote, collect payment, create and deliver policies.
Marco Andolfatto, the company’s Chief Underwriting Officer (CUO), said: “APOLLO has created an entirely modern insurance purchasing experience — digital, instant and paperless — in line with everything else in our daily lives.
“This coverholder status will enable us to rapidly expand our product offering.”