Lloyd’s insurer Apollo Syndicate Management has reported a loss of £6.1mn ($8.1mn) at its flagship Syndicate 1969 for the 2021 calendar year after generating a combined ratio of 102.3 percent.

Apollo

The result means the syndicate has now delivered a combined ratio above 100 percent in five of the seven years since its inception in 2015.

The syndicate reported net earned premiums of £223.1mn in 2021, largely flat year on year.

While it reported a 99 percent combined ratio for the 2020 calendar year, Syndicate 1969 had seen its combined ratio range from 102 percent to 140 percent in the four preceding years.

apollo-syndicate-1969-combined-ratio

As previously revealed by this publication, the syndicate increased its capacity by 52.5 percent for 2022 following a $90mn injection from private equity firm Alchemy Partners to support the growth of the business.

For the 2019 year of account (YoA), the syndicate closed with a profit of 5.8 percent of its £249.9mn capacity, a 0.8 point improvement on the midpoint of its previous forecast range.

Apollo Syndicate Management – 2021 calendar year results

For the 2020 YoA, the most recent quarterly forecast remains unchanged, ranging between a loss of 1.5 percent and a profit of 3.5 percent of its £250mn capacity.

Apollo’s Syndicate 1971, which increased its capacity by 73.9 percent for 2022, generated a combined ratio of 93 percent in calendar year 2021. 

The syndicate reported a profit of £6.5mn, compared with £4.1mn in 2020.

For the 2019 YoA, the syndicate closed with a profit of 1.8 percent of its £130mn capacity, while the 2020 YoA is currently on course to generate a result ranging from breakeven to a profit of 7.5 percent of its £115mn capacity.

Special Purpose Arrangement 6133, which had a £65mn stamp in 2021, reported a combined ratio of 112 percent and a loss of £5.3mn for the calendar year.