Lloyd’s Business Apollo Group Holdings Limited will be supported by Alchemy Special Opportunities Fund IV LP (Alchemy) with an agreed investment of US che 20 million (approximately 2 2.2 million).
In a statement, the independent expert (re) insurer said the amount would support the continued growth of its hybrid underwriting model. The company, which leads the London Market Consortium, provides Apollo’s own balance sheet as well as underwriting and syndicate management services for third parties.
“We are delighted to have this new partnership with Alchemy,” commented David Apson, CEO of Apollo. “It strengthens our confidence in Lloyd’s continued opportunity in the market.
“Alchemy’s investment highlights the benefits to our clients and our experienced and talented team partners, recently strengthened by the appointment of James Slater in April and Hailey Spink as COO in May, with the support of respected and well-known investors.”
Meanwhile, in a joint statement, Alchemy partners Dominic Slade and Toby Westcott said Lloyd’s insurance market sees them as “excellent” investment opportunities.
“Working with a talented management team is a central component of our quality creation and growth approach,” they noted, “and we’re thrilled to be partnering with the Apollo team.”