Apollo Group Holdings Ltd., the largest independent, management-owned business at Lloyd’s, announced it has agreed a $90 million investment by Alchemy Special Opportunities Fund IV LP.
Apollo said the investment will support the continued growth in Apollo’s “hybrid model,” which refers to its approach of providing underwriting and syndicate management services for third parties alongside its own balance sheet.
Underpinning the company’s business model is its commitment to digital transformation and new and emerging markets through the continued roll-out of its augmented underwriting approach.
“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,” said David Ibeson, Apollo CEO. “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, commented: “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) LLP. Alchemy was advised by Guy Carpenter Securities, Deloitte, Macfarlanes and Clyde & Co.
The transaction is subject to customary conditions, regulatory approvals and filings.
About Apollo Group Holdings Ltd.
Apollo Group Holdings Ltd., including Apollo Syndicate Management Ltd., is an independent specialist insurer and reinsurer that writes a number of specialty lines. Apollo offers adaptable and flexible underwriting services at Lloyd’s and leads a number of London market consortia.
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