Apollo Syndicate Management, the independent specialist insurer and reinsurer, announced it has received Lloyd’s approval to establish and manage ibott Syndicate 1971 for the 2022 year of account. It has also been granted permission to underwrite in accordance with the agreed business plan.
Apollo received “in-principle” approval to launch the Lloyd’s syndicate in July 2021.
The ibott business was launched in January 2019 as a Lloyd’s special purpose arrangement (SPA) and since then has specialized in servicing client solutions for innovative companies in the sharing economy through a collaborative and engaged underwriting, actuarial, and data science approach.
“ibott’s services are seeing increasing demand, reflecting the evolving risk landscape. Becoming a standalone syndicate allows the ibott team, led by Chris Moore, to further enhance our innovative solutions for the global sharing economy. This marks an exciting opportunity for Apollo, our capital providers and our clients,” commented Matt Newman, chief strategy & innovation officer.
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