UK-based insurance and reinsurance provider Apollo has announced plans to launch a speciality treaty class of business.

The new unit will be part of the reinsurance division of Syndicate 1969 and start operating from 1 January 2024.

It will focus on speciality mortgage, surety and credit reinsurance lines of business.

Underwriter Chris Chandriotis will leave his position as a pricing actuary to assist in expanding this new venture, in addition to overseeing the international property RI book.

Apollo said the launch of a new line of business forms part of its efforts to offer key reinsurance solutions in times of growing complexity.

Apollo head of reinsurance Paul Sandi said: “We have an expert team to lead the development of our division and are excited this has enabled us to expand into new areas for our clients.

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“Jessica Gibbons will also be joining us in November to further strengthen the team and we are well positioned to support our clients through this period of heightened uncertainty.”

Apollo group CUO James Slaughter said: “The reinsurance division continues to build on the successful launch into casualty treaty in 2022.

“Paul, Anthony [Thurman], Chris and Jessica are now able to offer clients a range of products across property, casualty and speciality to meet the increasing demand for innovative risk solutions.”

In August this year, Apollo formed a partnership with Artificial Labs, an algorithmic underwriting insurtech company.

The partnership aimed to provide brokers with a solution that combines Artificial Labs’ technology and Apollo’s underwriting capabilities.

Earlier this year, Apollo joined forces with Moonrock to offer insurance coverage for commercial drone operations.