Apollo launches ‘innovative’ consortium for bespoke new covers

Specialty insurer Apollo is launching an “innovative” consortium offering bespoke products in intellectual property, parametric solutions and new mobility.

ICX Consortium will operate through the Apollo ibott 1971 division, which specialises in digital and embedded risk, with capacity led by Lloyd’s syndicate 1971 and backed by Aon.

The launch follows recent comments from Chris Moore, head of Apollo ibott 1971, who said insurers need to embrace new risk opportunities that fall outside established insurance verticals.

“This innovation consortium seeks to address that exact problem by solving true insurance gaps of currently underserved exposures,” Apollo said.

Hayley Budd will lead ICX Consortium. Budd was previously senior new propositions and partnerships head at Swiss Re.

James Slaughter, Apollo group’s chief underwriting officer, said: “The Apollo ibott 1971 team is at the forefront of its field, creating bespoke products to enable our clients’ innovation. Hayley brings significant experience to this new role and will be a hugely valuable addition to an already exciting team.”

Commenting on the launch, Aon’s chief innovation officer Jillian Slyfield said: “Aon is investing heavily in new insurance verticals of the future, and finding capacity to meet these evolving needs is difficult. We are thrilled to see what Apollo and Lloyd’s are building in regards to insurance innovation, and look forward to the great partnerships we can build ahead.”