Apollo Underwriting
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The carrier is partnering with Munich Re Syndicate and Tokio Marine HCC.
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Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
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The company also confirmed earlier reports from this publication that Goldman Sachs would be a leading bookrunner, along with Citigroup, Jefferies and Apollo Global Securities for its ~$4bn H1 2024 IPO in New York.
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The new syndicate will write cover for African Specialty Risks’ existing lines of business, with plans to enter new markets later.
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The carrier has added aviation, cargo and terrorism to its initial hull offering.
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Sompo has begun writing aviation war for the first time, while Apollo has picked its pen back up after a pause.
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Former pricing actuary Chris Chandriotis will lead the team.
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After Apollo announced a collaboration marking the latest milestone for algorithmic underwriting-led follow capacity in the London market, Insurance Insider explores how such partnerships can proliferate.
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The collaboration will involve the algorithmic underwriting of risks with a human in the loop for decision verification and portfolio steering.
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The carrier is looking to increase its presence in the marine market segment.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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Artificial Labs is developing a pilot with several carriers and brokers that integrates a generative AI model, including the use of ChatGPT, into its algorithmic underwriting platform.
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