Apollo launches new $75m Lloyd’s consortium with Munich Re & Tokio Marine
Apollo has launched a new marine builders’ risk consortium at Lloyd’s, with $75 million capacity per vessel, in partnership with Munich Re Syndicate (MRSL) and Tokio Marine HCC International (TMHCCI).
The new consortium, which went live earlier in 2024, builds on an established arrangement in which Apollo has partnered with MRSL since 2019 in a hull collaboration.
The consortium offers brokers lead line capacity up to $75 million each vessel. The need for lead capacity in London comes as the shipping industry transitions to greener energy and sees an expansion in naval shipbuilding, the company explained.
Apollo recently hired Kyu Byun from WTW to strengthen its capabilities in the sector.
Iain Henstridge, leader of Apollo’s hull class, said: “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, said: “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.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
