Compre targets Lloyd’s legacy market with new syndicate launch; strikes $125m Apollo RITC
Compre looks to target mid-market portfolios within the growing Lloyd’s legacy space with the launch of its new Syndicate 1994, which has received approval from The Council of Lloyd’s. The company has unveiled its first Lloyd’s transaction with independent specialist re/insurer Apollo Syndicate Management.
The re/insurance legacy acquirer has had a longstanding ambition to establish its own syndicate focussed on Lloyd’s legacy business.
Syndicate 1994 will have the ability to execute the full range of legacy transactions at Lloyd’s. Its first transaction will see Apollo syndicate 1969’s prior year portfolio, which includes US liabilities, marine & energy and property risks, transfer via a split reinsurance to close into syndicate 1994.
The transaction includes Syndicate 1969’s liabilities stemming from 2017 and prior years and the transfer of around $125 million of reserves to Syndicate 1994.
Apollo will be the managing agency for the new Syndicate, which will target mid-market portfolios within the Lloyd’s legacy market. Rob Margetts, head of Lloyd’s at Compre, will lead the legacy acquirer’s Lloyd’s operations.
Mark Lawson, group actuarial director at Compre, will be the active underwriter and syndicate run-off manager, while maintaining his role as Compre group actuary.
Compre chief executive Will Bridger said: “I am delighted to announce yet another milestone for Compre with the launch of our partnership with Apollo, our new Lloyd’s syndicate 1994 and our first Lloyd’s RITC transaction. This transaction fulfills a long-held ambition of Compre, which ideally positions us to undertake further transactions and participate in the Lloyd’s legacy market.”
Apollo group chief executive David Ibeson added: “This strategic partnership complements Apollo’s long-term ambitions, provides the market with an alternative legacy option supported by a great depth of experience and, through the Syndicate 1969 RITC transaction, allows us to better align our capital with market opportunities as the rating environment continues to improve. I look forward to a long and profitable partnership with the Compre team.”
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