This recipe is courtesy of Smucker’s.

1. Preheat oven to 180°C (350°F). Fill a roasting pan half full of water. Place in oven to heat up while making flan.
2. Heat butter in a large skillet over medium heat. Add apples and cinnamon. Cook for 5 to 7 minutes, until apples are tender. Set aside. 
3. Stir sugar and water together in a medium saucepan over medium-high heat, stirring constantly. When sugar is dissolved, stop stirring and cook for 5 to 6 minutes, or until mixture turns to caramel. When sugar is a deep golden colour, pour into a 23 cm x 13 cm (9 in. x 5 in) loaf pan. Tilt pan to completely coat the bottom of the pan with caramel. Place reserved apples on top. 
4. Whisk evaporated milk, sweetened condensed milk, eggs, and vanilla in a bowl until smooth. Strain mixture into a mixing bowl, then pour strained mixture into loaf pan. Apples will float to top.
5. Place loaf pan in roasting pan of hot water. Bake for 50 to 55 minutes, or until custard is set.
6. Cool, wrap with plastic wrap, and refrigerate until completely cold. To unmold, run a knife around edge of pan. Carefully invert on a serving plate with edges.