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Hyperion takes 9.9% stake in Apollo managing agency

June 13, 2018

Hyperion has acquired a minority stake in the parent of Lloyd’s managing agency, Apollo Syndicate Management Limited (ASML).

The deal has seen the broker purchase a 9.9 percent share in Apollo Partners LLP, the holding entity for the managing agency, from existing partners.

ASML manages Lloyd’s Syndicate 1969, a multi-line syndicate operating across 12 main classes of business that was established in 2009. For the 2018 underwriting year, ASML also launched SPA 6133, which focuses on property treaty lines. Combined, the syndicate and SPA have a 2018 stamp capacity of £260mn.

ASML was authorised as a standalone managing agency in 2015.

Commenting on the transaction, Hyperion CEO David Howden said: “The Hyperion Group is invariably intertwined with the Lloyd’s market at various levels including our broking and underwriting operations. This opportunity to invest in a respected managing agency allows us to benefit from Apollo’s insights and knowledge.

“David Ibeson’s contribution at DUAL has already been invaluable and we are looking forward to a closer working relationship with him and Apollo.”

David Ibeson, CEO of Apollo Partners LLP added: “We are delighted to have a closer relationship with the Hyperion Group. As a non-executive Director of DUAL, I know we share the same values and client centric approach. The partnership will be enhanced as a result of this relationship and we are all excited about the future opportunities it will bring.”

The transaction comes after Hyperion secured $400mn of backing from long-term institutional investor Caisse de dépôt et placement du Québec (CDPQ) in December 2017.