13 April 2023Analysis

Apollo creates new consortium

Apollo, the independent specialist insurer and reinsurer, has announced its new ICX Consortium through its “Apollo ibott 1971” division.

The firm plans to deploy meaningful lead capacity through the consortium which will be led by Syndicate 1971, creating a facility for innovation in the insurance industry.

At a recent Lloyd’s event with Oxbotica, a leading UK based autonomous vehicle technology company, Chris Moore, Head of Apollo ibott 1971, shared the need for insurers to embrace new risk opportunities that do not fit the rigid insurance verticals the industry has relied upon for so long. This innovation consortium seeks to address that exact problem by solving true insurance gaps of currently underserved exposures.

Apollo ibott 1971 was formed in 2018, first as an SPA then as a full syndicate in 2021, further diversifying Apollo’s already vast range of classes and managing agency services. The team have a proven track record of delivering embedded and digital risk solutions having created industry firsts in the mobility space.

The new ICX vehicle will deliver bespoke insurance products previously outside of Syndicate 1971’s core offering including intellectual property, parametric solutions, new mobility and more.

Apollo has appointed new hire Hayley Budd to lead their Innovation class and ICX Consortium following her most recent role at Swiss Re as Senior New Propositions & Partnerships Lead. Budd will have access to Apollo’s market leading Actuarial, Claims and Data Science capabilities to deliver the new consortium.

In addition, Apollo have joined forces with Aon to continue leading in the innovation space. Aon’s chief innovation officer Jillian Slyfield said: “Aon is investing heavily in new insurance verticals of the future and finding capacity to meet these evolving needs is difficult. We are thrilled to see what Apollo and Lloyd’s are building in regards to insurance innovation and look forward to the great partnerships we can build ahead.”

James Slaughter, Apollo Group chief underwriting officer, said: “The Apollo ibott 1971 team is at the forefront of its field, creating bespoke products to enable our clients’ innovation. Hayley brings significant experience to this new role and will be a hugely valuable addition to an already exciting team. We look forward to collaborating with our valued partners on the possibilities in this space as we continue to spearhead innovation.”