Background
On November 24, 2020, Ariel Re was acquired by Pelican Ventures and JC Flowers, private equity investors with significant reinsurance expertise. Along with purchasing Ariel Re, the investors also entered into an operational partnership with Apollo Syndicate Management Limited to support and develop Apollo Re’s property reinsurance business, transacted through Lloyd’s Syndicate 1969 and supported by SPA 6113, a special purpose arrangement. This operational partnership gave Ariel Re’s own coverholders the right to underwrite on behalf of the Apollo Syndicates.
Update
Effective February 2021, Lloyd’s and the Bermuda Monetary Authority (“BMA”) have approved Ariel Re Bda Limited (“ARBL”) to underwrite for the Apollo Syndicates. Consequently, ARBL will now underwrite for both the Ariel and Apollo Syndicates. Separate underwriting teams service the Ariel and Apollo syndicates, with Reed Gaglio now responsible for all property reinsurance business placed by ARBL into Apollo.
Going forward Ariel Re will seek to harmonize the Ariel and Apollo reinsurance portfolios in 2022. Note that it is anticipated that the Ariel London coverholder, Ariel Re UK Limited, will shortly also receive final regulatory approval to write for both the Ariel and Apollo syndicates.
Overview of Ariel Re Bda Limited
Originally founded in 2005, Ariel Re transacts a broad range of reinsurance business through offices in Bermuda, London and Hong Kong. Ariel Re has a long record of outstanding performance, consistently outperforming both the Lloyd’s and Bermuda markets. Ariel Re Bda Limited (ARBL) is an Insurance Agent based in Bermuda, which has been in operation since 2012. The majority of Ariel Re’s business is transacted via ARBL.
Overview of Apollo 6133
Apollo Syndicate 6133 is a catastrophe-focused special purpose arrangement, which reinsures property treaty business written by Apollo Syndicate 1969 and is managed by Apollo Syndicate Management Limited. It launched in 2018 with a stamp capacity of £35m and has grown to a stamp capacity of £65m in 2021.
The Apollo Syndicate 6133 business plan has been approved by Lloyd’s for the 2021 Year of Account.
