Specialist re/insurer Apollo Syndicate Management has secured in principle approval from The Council of Lloyd’s to convert Special Purpose Arrangement 1971 into a standalone syndicate. SPA 1971 was launched under the ibott brand in 2019 and caters for clients in the sharing economy.

Matt Newman, chief strategy and innovation officer, said: “The Lloyd’s approval in principle paves the way for Apollo’s next step on its strategic growth plan. It is an exciting future for the ibott team, led by Chris Moore, who are dedicated to delivering innovative solutions to the global sharing economy and bringing new clients to Lloyd’s.”

He added: “Becoming a standalone syndicate provides increasing flexibility and opportunity for our capital providers, strengthens our partnerships, and allows even more focus on our obsession with ‘client first’ engagement.”

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