Apollo Lloyd’s SPA ibott to become standalone syndicate 1971
Apollo Syndicate Management has received Lloyd’s approval to establish and manage ibott syndicate 1971, which stands for ‘insuring businesses of tomorrow, today’, for the 2022 year of account. It has also been granted permission to underwrite in accordance with the agreed business plan.
The move follows an ‘in-principle’ approval granted in July 2021 to convert special purpose arrangement (SPA) 1971 into a standalone syndicate.
The ibott business was launched in January 2019 as a Lloyd’s SPA and since then has specialised in servicing client solutions for innovative companies in the sharing economy through a collaborative and engaged underwriting, actuarial, and data science approach.
Matt Newman (pictured), chief strategy and innovation officer, said: “ibott’s services are seeing increasing demand, reflecting the evolving risk landscape. Becoming a standalone syndicate allows the ibott team, led by Chris Moore, to further enhance our innovative solutions for the global sharing economy. This marks an exciting opportunity for Apollo, our capital providers and our clients.”
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