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.
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
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.