Lloyd’s insurer Apollo gains $90m to drive ‘hybrid model’ growth

Specialist Lloyd’s re/insurer  Apollo secured a $90 million investment from private equity firm Alchemy Partners, which it said will support the growth in its “hybrid model”.

The transaction, agreed with Alchemy Special Opportunities Fund IV, is subject to customary conditions, regulatory approvals and filings.

Apollo is the largest independent, management owned business in the Lloyd’s market, and a provider of underwriting and syndicate management services for third parties alongside its own balance sheet.

The insurer said it is committed to digital transformation and new and emerging markets through the continued roll-out of its augmented underwriting approach.

David Ibeson (pictured), chief executive officer of Apollo CEO, said: “We are delighted to be forming this new partnership with Alchemy. It reinforces our belief in the continued opportunity provided in the Lloyd’s market. The investment by Alchemy underscores the benefits to our clients and partners of our experienced and talented team, recently bolstered by the appointment of James Slaughter as CUO in April and Hayley Spink as COO in May, combined with the backing of well-respected and informed investors.”

Dominic Slade and Toby Westcott, partners at Alchemy, added: “The Lloyd’s insurance market continues to offer an excellent investment opportunity. Working alongside talented management teams is a central component of our approach to create and grow value and we are excited to be partnering with the Apollo team.”

Apollo was advised by TigerRisk Capital Markets & Advisory and Willkie Farr & Gallagher (UK). Alchemy was advised by Guy Carpenter Securities, Deloitte, Macfarlanes and Clyde & Co.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.