Hyperion buys 10% stake in Lloyd's managing agency Apollo
Hyperion Insurance Group, which owns brokers Howden, RKH and underwriting division DUAL, has acquired a 9.9 percent stake in Apollo Partners.
Apollo Partners is the holding entity for Lloyd’s managing agency Apollo Syndicate Management (ASML), which manages Syndicate 1969 at Lloyd’s - a multi-line syndicate operating across 12 main classes of business.
For the 2018 underwriting year ASML has also established a reinsurance Special Purpose Arrangement 6133 (SPA), which focuses on property treaty lines.
Syndicate 1969 was established in 2009 and ASML was authorised as a stand-alone managing agency by Lloyd’s in 2015. Capacity managed by ASML has grown from £160m in Syndicate 1969 for the 2015 underwriting year to £260m across Syndicate 1969 and the SPA combined for the 2018 underwriting year.
Commenting on the deal, David Howden, CEO of Hyperion Insurance Group, said: “The Hyperion Group is invariably intertwined with the Lloyd’s market at various levels including our broking and underwriting operations. This opportunity to invest in a respected Managing Agency allows us to benefit from Apollo’s insights and knowledge. David Ibeson’s contribution at DUAL has already been invaluable and we are looking forward to a closer working relationship with him and Apollo.”
David Ibeson, CEO Apollo Partners, added: “We are delighted to have a closer relationship with the Hyperion Group. As a non-executive Director of DUAL, I know we share the same values and client-centric approach. The partnership will be enhanced as a result of this relationship and we are all excited about the future opportunities it will bring.”
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