Syndicate 1100

Annual report and accounts

For the period ended 31 December 2024

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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Contents

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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Directors and Administration

Managing agent

Apollo Syndicate Management Limited

Registered office

One Bishopsgate

London

EC2N 3AQ

Company registration number

09181578

Company secretary

PC Bowden

Directors

AC Winther

(Non-Executive Chair)

FA Buckley

(Non-Executive Director)

M Cramér Manhem

(Non-Executive Director)

SR Davies

(Non-Executive Director)

SE Hill

(Non-Executive Director)

RD Littlemore

(Non-Executive Director)

DCB Ibeson

(Chief Executive Officer)

TL McHarg

VVV Mistry

JR Slaughter

Active Underwriter

MJ Newman

Registered Auditor

Ernst & Young LLP

25 Churchill Place

Canary Wharf

London

E14 5EY

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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present their annual report, which

incorporates the strategic review, for Syndicate 1100

period ended 31

December 2024.

This Annual Report is prepared using the annual basis of accounting as required by Statutory

Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable

, Financial Reporting Standard 103:

.

Accounts Instructions V2.0 as modified by the

Frequently Asked Questions Version 1.1

Principal activity

The syndicate is a captive syndicate underwriting the first party risks of the parent group of the sole

supporting corporate member Quaerere (Corporate Member) Limited.

Syndicate 1100 benefits from

-

and AA- (Very Strong) from Fitch.

25.0m (

.3

of

1.17). Stamp capacity for the 2025 year of account is £26.0m (

30.7

of

1.18).

Results

Notes:

The claims ratio is the ratio of net claims incurred to net premiums earned.

The expense ratio is the ratio of net operating expenses to net premiums earned.

The combined ratio is the sum of the claims and expense ratios.

The expense and combined ratios exclude investment return and foreign exchanges gains and losses

.

ASML uses the key performance indicators shown in the table above, to measure the performance of

the syndicate against its objectives and overall strategy. These are assessed against plan and are

subject to regular review. The syndicate predominantly writes business denominated in Euros and

therefore reports in that currency.

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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(continued)

Review of the business

Syndicate 1100 underwrote gross written premium in 2024 of

22.9m.

2024 calendar year result

The result for the 2024 calendar year is a profit of

m with a combined ratio of 89.9%. The 2024

calendar year result was slightly below plan due to a reduced amount of premium being written in the

Construction and Professional Liability classes with the latter not being written at all. The calendar year

was also impacted by an increase in the gross ultimate loss ratio for the Construction class during the

fourth quarter from 36% to 46%.

The earned result for the 2024 year of account in the calendar year was a profit of

. The year is

forecast to be profitable at closure.

Capital

available due to the diversification of business written in Syndicate 1100

Syndicate 1100

arket in total. The SCR, together

wit

hree links:

1. All premiums received by syndicates are held in trust as the first resource for settling

2.

intended primarily to cover circumstances where syndicate assets are

insufficient to meet participating

underwriting liabilities. FAL is set with reference to

the ECA

s of the syndicates that the member participates on. Since member FAL is not under

the control of the managing agent, it is not shown in the syndicate accounts. The managing

agent is, however, able to make a call on

FAL to meet liquidity requirements or to

settle underwriting losses if required; and

3.

also retains the right to request a callable contribution equal to 5% of

capacity on the

syndicate.

Principal risks and uncertainties

terms of reference from the ASML Board and its committees as part of a three lines of defence model.

The ASML Board and its committees review and approve the risk management policies and meet

regularly to approve any commercial, regulatory and organisational requirements of these policies.

capital requirement setting process. The ERM function is also responsible for maintaining the

esses and provides regular updates to

the ASML Board. The syndicate ORSA report is approved by the Board annually.

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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(continued)

Principal risks and uncertainties (continued)

meet its objectives and that it is not realistic or possible to eliminate risk entirely. The principal risks and

uncertainties facing the syndicate have been identified as strategic risk, insurance risk, regulatory risk,

operational risk, and financial risk (comprising credit risk, liquidity risk and market risk). A risk owner

has been assigned responsibility for each risk, and it is the responsibility of that individual periodically

to assess the impact of the risk and to ensure appropriate risk mitigation procedures and controls are

in place and operating effectively. External factors facing the business and the internal controls in place

are routinely reassessed and changes made when necessary. The overarching risk framework is

overseen by the ASML Risk Committee on behalf of the ASML Board. The risk culture of the business

is Board led, with new initiatives requiring an objective risk assessment and opinion prior to approval.

Strategic risk is the risk that inadequate, ineffective, or inappropriate business decisions result in

negative impacts on the ability to execute the business objectives and strategy, hence on the

performance of the syndicate. The ASML Board has ultimate responsibility for overseeing the execution

of the approved strategy and consequently the associated strategic risk. All areas of the business are

encouraged to identify areas of potential uncertainty that could impact plan execution and to identify

emerging risks.

Insurance risk refers to fluctuations in the timing, frequency and severity of insured events, relative to

expectations at the time of underwriting. It comprises premium risk and reserving risk. The ASML

Underwriting Committee oversees the management of premium risk and the implementation of a

disciplined underwriting strategy with a robust control and governance framework that is focused on

writing quality business at an acceptable price, and the purchase of a comprehensive outwards

reinsurance programme.

accumulation events both on a gross and net of reinsurance basis and adherence to these limits is

reported monthly to the ASML Underwriting Committee. The ASML Reserving Committee oversees the

overall management of reserving risk. Reserving risk is managed through the use of proprietary and

standardised modelling techniques, internal and external benchmarking, review of claims development

and the ongoing oversight from an independent external reserving process. An independent Statement

The reserving process is overseen by and reports through the ASML Audit Committee.

Regulatory risk is the financial loss or inability to conduct normal business activities owing to a breach

of regulatory requirements or failure to respond to regulatory change. ASML is a regulated entity and

therefore is required to comply with the requir

appropriate level of skilled resources in place to meet its regulatory obligations, including compliance,

risk management and internal audit functions.

Operational risk is the risk of a loss resulting from inadequate or failed internal processes, people and

systems or from external events. The syndicate is constantly exposed to operational risk as this covers

the uncertainties and hazards of undertaking day-to-day business. Controls have been put in place and

documented to try to ensure that these risks are managed on a proportionate basis and within risk

appetite. As operational risks apply across the entire business, all committees have some level of

oversight for operational risk. However, the ASML Change Committee manage risks relating to changes

in systems and processes, and the ASML Board Risk Committee have oversight of any risk events

which require escalation.

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(continued)

Principal risks and uncertainties (continued)

Financial risk for the syndicate covers all risks related to financial investment and the ability to pay

creditors, and includes credit risk, liquidity risk and market risk. In relation to assets held, an investment

appetite is in place and has been approved by the Board.

the Investment and Treasury Oversight Group.

Credit risk is the risk of financial loss to the syndicate if a counterparty to a financial instrument or a

reinsurance agreement fails to discharge a contractual obligation. ASML manages credit risk by placing

limits on exposure to a single counterparty by reference to the credit rating of the counterparty. On a

quarterly basis the Finance Committee reviews credit exposures, reinsurer security and counterparty

limits, with further oversight provided by the ASML Board and Audit Committee.

its insurance contracts and financial liabilities as they fall due, or that they can only be met by incurring

managing liquidity risk includes use of daily liquidity monitoring,

quarterly cash flow forecasts and management of asset duration. Contingency funding plans are in

place to ensure that adequate liquid financial resources are available to meet obligations as they fall

due in the event of reasonably foreseeable abnormal circumstances.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate

because of changes in market prices, excluding those that are caused by credit downgrades which are

included under credit risk. Market risk comprises three key components: interest rate risk, currency risk

and investment risk. For each of the major components of market risk the syndicate has policies and

procedures in place which detail how each risk should be managed and monitored. The use of financial

for speculative purposes. The Board has agreed key risk indicators and approved the corresponding

risk appetite for each measure.

A quantitative analysis of the risks set out above is included in note 4 to the annual accounts. A traffic

light indicator is used for monitoring current levels of risk based upon agreed thresholds and tolerances.

Emerging risks

An emerging risk is defined as a risk that is new, unforeseen, or unfamiliar. It may result from new or

increased exposure that could pose both as an opportunity or threat to the existing business risk

appetite or tolerance.

The Emerging Risk Working Group, is a cross-agency forum, that enables a diverse set of practitioners

to review thematic risk considerations. The results of these reviews can lead to further deep dive

assessments that in turn are reported through the governance structures to the ASML Board Risk

Committee.

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Corporate governance

The ASML Board is chaired by Angus Winther, who is supported by five further non-executive directors

and all except Stuart Davies are independent. Monica Cramér Manhem was appointed as Non-

Executive Director on 6 June 2024.

Martin Hudson stepped down on 28 February 2025. Robert

Littlemore was appointed as a Non-Executive Director on 28 February 2025.

David Ibeson is

the Chief Executive Officer and there were three further executive directors.

With effect from 1 January

2024, Taryn McHarg, the Apollo Group Chief Financial Officer, was appointed as an executive director

and James MacDiarmid, Hayley Spink and Simon White stepped down from the Board, whilst remaining

on the Executive Committee of ASML.

Defined operational and management structures are in place and terms of reference exist for the Board

and all Board and Management Committees.

The ASML Board meets at least four times a year and more frequently when business needs require.

The Board has a schedule of matters reserved for its decision and is supported by the Audit Committee,

the Risk Committee and the Remuneration and Nominations Committee. These supporting committees

are comprised of non-executive directors and with the exception of Stuart Davies, all members of the

Audit Committee and Risk Committee are independent. All members of the Remuneration and

Nominations Committee are independent.

Section 172 statement

The directors adopt the responsibilities to promote the success of the syndicate as if s172 of the

Companies Act 2006 were applicable and have acted in accordance with these responsibilities during

the year. The Board has identified the following key stakeholders: capital providers to the managed

Throughout the year the Board considered the wider impact of strategic and operational decisions on

its stakeholders. Examples include the development and execution of the business plans for the

syndicate; the assessment and raising of capital; communications with capital providers; and changes

to Board composition. The Board considers that the interests of all stakeholders were aligned for these

decisions.

The support and engagement of capital providers of the syndicate is imperative to the future success

of our business.

ASML maintain open and transparent relationships with our

relationships being managed through our compliance team. Regular meetings are held with

Board.

work to develop and document our Environmental, social, and governance

ESG

principles and

standards and assess our current business model against these standards. There is a defined referral

process for underwriting risks to adhere to our ESG appetite and manage potential reputational risk.

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(continued)

Section 172 statement (continued)

ESG considerations are integrated into the design of the investment strategy and asset allocation, and

ongoing attention is given to staff engagement, particularly around

.

Further work on ESG activities will continue through 2025.

We have put in place arrangements to assist in managing the financial risks and opportunities

associated with the effects of climate change and to ensure adequate oversight and control of this area

in relation to underwriting, reserving, investment management and operations. The business meets the

requirements for PRA Supervisory Statement 3/19. Whilst the ASML Chief Risk Officer retains overall

accountability for coordinating the approach to managing this risk within ASML, the responsibility is

allocated to relevant managers of each business area. Further developments to ensure appropriate

management of these risks and opportunities will continue through 2025.

Staff matters

We believe that our people are our most valuable asset. Attracting, retaining and nurturing talent is

essential to our success. We are committed, to creating a work environment where employees feel

engaged through communication, acknowledgment and ongoing growth opportunities. We actively

support and promote DEI as well as mental health and wellbeing to ensure that all staff members feel

appreciated, supported and can perform at their best.

We aspire to function as a team where respect and collaboration are standard practices. Our hybrid

working aims to empower employees and to encourage a culture of communication and cooperation.

We have channels for staff to express concerns and to share making our workplace safe, encouraging

and innovative.

insurance market, providing

compensation, benefits, and terms designed to attract and retain top talent. A key focus is on ensuring

our employees perform at their best with opportunities for skill enhancement, to develop their

capabilities and advance their careers within ASML. This is an integral focus of our succession planning

strategy.

Business operations

ASML aims to maintain a lean, efficient operating model utilising technology and outsourcing

arrangements enabling flexibility and scalability to meet the demands of the business. We continue to

invest in resources across the business in order to ensure that there is an effective operating model

and robust three lines of defence model.

Blueprint Two initiatives offer several processing efficiency gains for the market, and we believe

we are well positioned to adopt the new digital services to maximise the benefit to ASML, its syndicates

and its capital providers.

ASML continues to successfully maintain a hybrid working environment with all employees able to work

effectively, both remotely and from the office, with suitable access to business systems.

-Party Oversight policies, Apollo

maintains a disciplined approach to operational resilience. We continue to focus on ensuring we

maintain robust and resilient plans to prevent, respond and recover from operational disruptions with

the primary objective to protect our customers and the integrity of our business.

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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(continued)

Environmental, social and governance

-related

high-level seeks to identify areas of improvement and to ensure progress against the ESG strategy

approved by the ASML Board.

ASML is committed to a long-term sustainable approach to protecting the environment, balancing

underwriting and investment practices are governed by ESG risk appetites that were originally

implemented in 2022 and are reviewed at least annually. ASML is also working to identify new

opportunities that support the transition to a low carbon sustainable economy, including through the

have included:

Integrating climate risk formally into the ERM and governance frameworks which included

enhancements to climate related stress and scenario testing,

Implementing new Investment Guidelines to avoid investing in sectors that do not align with the

ESG risk appetites,

Joining the Partnership for Carbon Accounting Financials and commenced work to baseline

-associated emissions, and

At Apollo our people are at the heart of everything we do. We operate a zero-tolerance policy to bullying,

harassment, and discrimination. This includes protected characteristics under the Equality Act of 2010,

as well as neurodiversity, parental and caring responsibilities, socio-economic status, and working

patterns.

ASML is dedicated to fostering a diverse, equitable, and inclusive workplace, with a focus on inclusive

such, we have implemented several inclusion initiatives and have a comprehensive DEI strategy in

place. Employees have access to mental health and wellbeing resources through independent partners,

as well as additional support through private medical services.

ASML monitors gender and racial diversity metrics, employee satisfaction, and governance related

metrics. This information is used by the ASML Board to track progress against the ESG Strategy.

scopes 1 and 2 and several scope 3 categories (which cover purchased goods and services, fuel and

energy-related activities, waste generated in operations, employee commuting, and upstream leased

assets). Our Scope 1 and 2 GHG are reported to UK Companies House under the Streamline Energy

and Carbon Reporting framework

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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(continued)

Environmental, social and governance (continued)

Directors

The directors who held office at the date of signing this report are shown on page 3.

Annual general meeting

The directors do not propose to hold an Annual General Meeting for the syndicate.

Disclosure of information to the auditor

Each person who is a director of the managing agent at the date of approving this report confirms that:

so far as the director is aware, there is no relevant audit information of which the syndicate's

auditor is unaware; and

each director has taken all the steps that they ought to have taken as a director in order to make

themselves aware of any relevant audit information and to establish that the syndicate's auditor

is aware of that information.

Auditor

Ernst & Young LLP has been appointed

formal notification of the appointment of Ernst & Young LLP as auditor of Syndicate 1100 for this year.

Events after the balance sheet date

The Board has considered events after the balance sheet date which, by their nature, are material to

the syndicate and no items have been identified for disclosure.

Future developments

For 2025, the syndicate will continue to write first party risks of the parent group of the sole supporting

corporate member.

I would like to take this opportunity to thank our staff for their hard work and commitment to the business

during the last year.

Approved by the Board.

TL McHarg

Chief Financial Officer

4 March 2025

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The Managing Agent is responsible for preparing the syndicate annual accounts in accordance with

applicable law and regulations In addition, in preparing the annual accounts, the Directors of the

Accounts Instructions V2.0 as modified by the Frequently Asked Questions Version 1.1 issued by

The Directors of the Managing Agent are responsible for the preparation and review of the iXBRL

tagging that has been applied to the Syndicate Accounts in accordance with the instructions issued by

systems, processes and internal controls to

result in tagging that is free from material non-

whether due to fraud or error.'

require the managing agent to prepare syndicate annual accounts as at 31 December each year in

accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting

Standards and applicable law). The syndicate annual accounts are required by law to give a true and

fair view of the state of affairs of the syndicate as at that date and of its profit or loss for that year.

In preparing the syndicate annual accounts, the managing agent is required to:

departures disclosed and explained in the notes to the syndicate annual accounts; and

business unless it is inappropriate to presume that the syndicate will do so.

The managing agent is responsible for keeping proper accounting records which disclose with

reasonable accuracy at any time the financial position of the syndicate and enable it to ensure that the

syndicate annual accounts comply with the 2008 Regulations. It is also responsible for safeguarding

the assets of the syndicate and hence for taking reasonable steps for prevention and detection of fraud

and other irregularities.

Legislation in the UK governing the preparation and dissemination of annual accounts may differ from

legislation in other jurisdictions.

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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Syndicate 1100

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)),

, and other applicable law. Our responsibilities under those standards

section of our report. We are independent of the syndicate in accordance with the ethical requirements

that are r

Standard as applied to other entities of public interest, and we have fulfilled our other ethical

responsibilities in accordance with these requirements.

Apollo Syndicate 1100 | Annual Report and Accounts 2024

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Syndicate 1100 (continued)

The other information comprises the information included in the annual report and accounts, other than

are responsible for the other information contained within the annual report and accounts.

Our opinion on the syndicate annual accounts does not cover the other information and, except to the

extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion

thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other

information is materially inconsistent with the syndicate annual accounts or our knowledge obtained in

the course of the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether this gives

rise to a material misstatement in the syndicate annual accounts themselves. If, based on the work we

have performed, we conclude that there is a material misstatement of the other information, we are

required to report that fact.