International specialist legacy group, Compre, has announced the launching of its Lloyd’s legacy syndicate 1994.
The move will also see its first Lloyd’s transaction, the reinsurance to close (RITC) of Apollo syndicate 1969’s 2017 and previous years account.
Moreover, Compre has revealed that it has partnered with Apollo Syndicate Management, the independent specialist (re)insurer, to manage the syndicate 1994.
Rob Margetts, head of Lloyd’s at Compre, will lead the legacy acquirer’s Lloyd’s operations, while Mark Lawson, group actuarial director, will act as underwriter and syndicate run-off manager.
Will Bridger, CEO at Compre, said: “I am delighted to announce yet another milestone for Compre with the launch of our partnership with Apollo, our new Lloyd’s syndicate 1994 and our first Lloyd’s RITC transaction.
“This transaction fulfills a long-held ambition of Compre, which ideally positions us to undertake further transactions and participate in the Lloyd’s legacy market.”
Approved by the Council of Lloyd’s, the deal will facilitate syndicate 1994’s ability to execute the full range of legacy transactions at Lloyd’s.
Apollo syndicate 1969’s prior year portfolio, comprising US liabilities, marine and energy, and property risks, will transfer via a split reinsurance to close into syndicate 1994.
David Ibeson, group CEO at Apollo, said that the partnership “provides the market with an alternative legacy option supported by a great depth of experience”, while allowing the firm to align its capital with “market opportunities as the rating environment continues to improve”.