Apollo, Munich Re Syndicate, Tokio Marine HCC partner on marine builders’ risk Lloyd’s consortium

Apollo has announced its new marine builders’ risk consortium at Lloyd’s, in a partnership with Munich Re Syndicate and Tokio Marine HCC International.

The new consortium offers brokers lead line capacity up to $75m for each vessel, Apollo said.

The consortium is already live, and builds on an established arrangement in which Apollo has partnered with Munich Re Syndicate since 2019 in a marine hull collaboration.

Apollo cited the need for lead capacity in London, as the shipping industry takes on a shift to greener energy, as well as an expansion in naval shipbuilding.

“This new consortium offers Lloyd’s brokers a genuine alternative, giving them a new route to market for their producers,” said Iain Henstridge, leader of Apollo’s hull class.

“These are often highly complex and technical risks and we have a great team in place to service this exciting class, as well as our existing business.”

Apollo has been building its marine profile, since the recent appointment of Kyu Byun as marine underwriter, who joined from WTW in September.

“Kyu’s appointment, our cooperation with the surveying community, and the extra firepower that the new consortium brings means that Apollo and our partners in this venture are well positioned to take advantage of this exciting opportunity,” Henstridge said.

Dominick Hoare, chief underwriting officer of Munich Re Specialty Group, said: “I’m pleased our continued partnership with Apollo has enabled this new consortium. The global landscape remains a challenging environment, so we look forward to furthering the service we can provide to our valued clients.”

Simon Shrimpton, head of marine at Tokio Marine HCC International, said: “We are pleased to be involved in this new and exciting consortium which not only complements our existing builders risks book, but provides economies of scale to all participants, dedicated expertise and an efficient solution to traditional placements.”