Syndicate 1994 will have the ability to execute the full range of legacy transactions at Lloyd’s, and its first sees the Apollo Syndicate 1969’s prior year portfolios, which includes US liabilities, marine & energy and property risks, transfer via a split reinsurance to close into Syndicate 1994.
Compre has also entered into a partnership with Apollo to manage Syndicate 1994, which till target mid-market portfolios, and to work with Compre to build its Lloyd’s legacy platform.
Rob Margetts, Head of Lloyd’s at Compre, will lead the firm’s Lloyd’s operations. Additionally, it’s been reported that Mark Lawson, Group Actuarial Director at Compre, will be the active underwriter and syndicate run-off manager for the new syndicate, while maintaining his role as Group Actuary.
Compre’s Chief Executive Officer (CEO), Will Bridger, commented: “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.”
David Ibeson, Group CEO at Apollo, said: “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.”
Andrew Gray, Director for Strategic Partner Syndicates at Apollo, added: “We are delighted to welcome Compre as our first Strategic Partner Syndicate. It is a testament to the expertise, professionalism and teamwork of Apollo and Compre that the new syndicate has been delivered swiftly and successfully during the current challenging working environment. Our Lloyd’s syndicate management expertise will enable us to support Compre’s ambition to become a leading Lloyd’s legacy solution provider.”
Compre was advised on the transaction by Debevoise & Plimpton LLP (legal), PwC (actuarial) and Gary Crowley at Auxilium GC (claims support).
Source: Reinsurance News
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