‘Really well matched’- Apollo CEO Dave Ibeson and Skyward Specialty CEO Andrew Robinson on joining forces

Skyward Specialty’s acquisition of Apollo Group brings together two ‘really well matched’ companies.

That is the message from Skyward CEO Andrew Robinson as he joined a Voice of Insurance podcast host Mark Geoghegan and Apollo CEO Dave Ibeson.

Nasdaq-listed Skyward’s acquisition of Apollo was announced in September. 

The podcast heard how Skyward had a taste of the Apollo business before the acquisition through supporting its smart follow and becoming a corporate member. 

Robinson said: “We were looking for valuating options to participate at Lloyds, and through that, got a relationship that really took multiple different tracks with Apollo. And I think over that sort of horizon, it became clear that we were really well matched as a company.”

Speaking on the coming together of the two companies, Ibeson commented: “Rule the niche, which is the philosophy of Skyward, very much works with our innovation and looking to provide value in a way that means we’re not just competing on price.”

Giving examples of how they would work together, Robinson noted the teams would partner on a specific AI coverage. 

Ibeson also highlighted the opportunity for Apollo to now access greater amounts of US business: “Now that we have a partner and owner in the US, it is just massive in a way that we can service our clients better, and the opportunity, therefore, to bring business from America that we wouldn’t otherwise be able to access into the Syndicate.”

Technology play

The duo were enthusiastic about the technology partnership between the two firms. Skyward, for example, is advanced on using AI with submissions, creating large scale efficiencies.

Ibeson said he was ‘really excited’, adding, “So things that we need to do to develop our technology platform, we think Skyward, may have already done, and some of the things that Skyward are looking to do, we have may already done.”

MGA strategy

The conversation moved on to managing general agents (MGAs). Robinson said he would back MGAs if they were doing something ‘difficult to replicate’ in a ‘class we want to support’.

However, he questioned the value of an insurance company which is too heavily focused as a capital provider for others to underwrite the risk: “I do think that there is a fundamental question about what your role is to investors if you aren’t more than just sort of a piece of paper and capital.

“And not to say that’s what happens when you’re doing that – you know that partnership with MGA – but certainly I’d like to think that when you own the underwriting and claims and risk management elements that you have the ability to be immensely valuable to your trading partners in ways that you don’t if you are delegating.”

Talent

The conversation concluded with a pointer to the issue of talent. Robinson said talent ‘was the lifeblood of our business’.

This was a key rationale behind the joining of forces with Apollo, with there now being a rich pool of talented insurance people who can work together harmoniously. 

Robinson said a recent visit to London was an ‘incredibly uplifting experience’ as he surveyed the talent following the acquisition.

Robinson enthused: “I personally walked away from our interactions with 10 connects on business opportunities that have already been made.

“And so I would describe it as, kind of much more, organic. It’s putting our chief data officer together with the folks that are focused on data at Apollo. We’ve already hooked up various underwriting parts of the business.”