Captive Syndicate 1100 has been launched at Lloyd’s of London, to be managed by Apollo Syndicate Management Ltd, and is the first Captive Syndicate in the market since the turn of the century.
Captive Intelligence has reported previously on the Lloyd’s captive project and we understand several large multinationals have had preparatory talks of establishing a syndicate within the historic insurance market.
Despite press reports at the start of the year that the first formation was imminent Lloyd’s CEO John Neal told Captive Intelligence during a press conference in March that they were “not in a hurry” to issue the first licence.
Apollo has now confirmed that it has formed the Captive Syndicate in partnership with a “major global client”.
“Establishing the first captive syndicate is a great achievement for our client, Apollo, and our industry,” said David Ibeson, group CEO of Apollo.
“We are extremely proud of this milestone and the way in which it reinforces Apollo’s reputation for the delivery of market-leading innovation at Lloyd’s.”
The client in question has not been named, but Captive Intelligence understands it is a major multinational technology company which already own captives in other jurisdictions.
Captive Intelligence also understands that Marsh has been working closely with Apollo and the client on the new vehicle and captive strategy.
Dawn Miller, commercial director at Lloyd’s, said: “We are delighted to welcome Captive Syndicate 1100, which is the first syndicate to be launched under Lloyd’s revised Captive syndicate model.
“As part of our ongoing work to provide specialist risk solutions for our customers, we have sought to align our captive structure with the needs of third parties seeking access to operational benefits through Lloyd’s global insurance expertise, licence network and financial strength ratings.
“We look forward to welcoming further businesses to our captive platform in the near future.”