Apollo Underwriting has introduced its new Builders’ Risk Consortium, in collaboration with Munich Re Syndicate Limited and Tokio Marine HCC.
The move is set to enhance the trio of companies’ combined capabilities in providing insurance solutions for builders’ risks, according to The Coverager.
The recently launched consortium, initiated earlier in 2024, builds upon a pre-existing collaboration where Apollo has been partnering with MRSL since 2019, particularly in a successful Hull collaboration.
The new consortium is set to offer brokers lead line capacity of up to $75m for each vessel.
Apollo already has a position in this sector, with the recent appointment of Kyu Byun from WTW strengthening its capabilities and enhancing its service to brokers and clients alike.
Iain Henstridge, leader of Apollo’s Hull Class commented, “This new consortium offers Lloyd’s brokers a genuine alternative, giving them a new route to market for their producers. 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. 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.”
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, added, “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.”
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