Apollo cautious on cargo renewal, expanding in marine hull

Lloyd’s insurer Apollo, manager of syndicate 1969, said in its annual report for 2016 that it had renewed its energy portfolio and the specie and cargo classes “cautiously” for 2017, “given challenging market conditions”. However, it also noted in the report that for 2017 it plans to build a presence as a lead market in marine hull business.

The syndicate, formed in 2009 and now with a team of more than 65 covering 10 classes, recruited class underwriter Iain Henstridge from Amlin at the end of last year. Henstridge began writing marine hull business from January 1 at Box number 232a. The normal maximum line for marine hull is $15m, although up to $25m can be deployed if required. Risks are written facultatively or via delegated authorities, treaties or lineslips. Products include Hull & Machinery Blue & Brown Water risks, yachts, laid-up & repossessed vessels, specialist tonnage, increased value and associated total loss interests, builders’ risks, loss of hire, and marine property & overside equipment.

“We identified the marine hull class of business as one that would expand our marine offering and also offer profitability in certain segments of the class,” said Apollo’s active underwriter, Nick Jones, adding that “we now have one of the leading underwriters in this class of business with a historically profitable track record in the Lloyd’s market”.

The syndicate already wrote Marine & Energy Liability, a line added in 2016, from Box 232 under Howard Burrell. Mr Jones said at its launch that marine liability sat comfortably with its existing cargo and specie account.

Apollo also said in the report that it planned to “fully embrace” the electronic trading platform PPL in the marine sector, where it is scheduled to be rolled out this year. https://www.lloyds.com/~/media/files/lloyds/investor%20relations/syndicate%20reports%20and%20accounts/2016/2016_1969_c.pdf