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Monday, April 15, 2024

Apollo, Munich Re, TMHCCI group up on new consortium 

Apollo, an unbiased specialist reinsurer, has collaborated with Munich Re Syndicate (MRSL) and Tokio Marine HCC Worldwide to spearhead its newly launched Lloyd’s Marine Builders’ Danger Consortium.  

The consortium, which commenced operations earlier in 2024, is a continuation of Apollo’s profitable collaboration with MRSL that started in 2019, specializing in hull insurance coverage. 

In keeping with Apollo, the consortium goals to handle growing demand for lead capability in London’s insurance coverage market, significantly because the delivery trade shifts in direction of extra sustainable vitality sources and experiences progress in naval shipbuilding.  

It’s now providing brokers a lead line capability of as much as $75m for every vessel.  

Apollo’s strategic transfer within the marine insurance coverage area is complemented by the current hiring of Kyu Byun from WTW within the function of marine underwriter. 

Apollo hull class chief Iain Henstridge mentioned: “This new consortium presents Lloyd’s brokers a real various, giving them a brand new path to marketplace for their producers. These are sometimes extremely advanced and technical dangers and now we have a terrific group in place to service this thrilling class, in addition to our present enterprise.  

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“Kyu’s appointment, our cooperation with the surveying group, and the additional firepower that the brand new consortium brings signifies that Apollo and our companions on this enterprise are effectively positioned to make the most of this thrilling alternative.” 

Lately, Apollo additionally expanded its insurance coverage options for small and medium-sized enterprises (SMEs) within the UK.  

In collaboration with Lloyd’s of London dealer Revolutionary Danger Labs, Apollo launched JustParent, an insurance coverage product tailor-made to mitigate the monetary dangers SMEs face because of parental go away. 

Moreover, in January, Envelop Danger unveiled Envelop SPA 1925, a devoted cyber reinsurance particular objective association at Lloyd’s. 

This enterprise was launched in partnership with Apollo by its Strategic Companion Syndicates enterprise and Apollo Syndicate 1971. 

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