Coface receives “in principle approval” to establish short term trade credit syndicate at Lloyd’s

Trade Credit insurer Coface has received “in principle approval” from the Lloyd’s marketplace to establish Syndicate 2546, a new short term trade credit syndicate, which will be managed by Apollo Syndicate Management.

Coface Lloyd’s Syndicate 2546 is expected to begin underwriting in 2025 and enables the trade credit insurer to provide AA- rated solutions to better serve the needs of selected segments of the market.

The French insurer feels that the new syndicate will be a valuable addition to its offering, as the company believes that there’s considerable profitable growth potential for credit insurance solutions at the specialist Lloyd’s insurance and reinsurance marketplace.

Xavier Durand, Coface’s Chief Executive Officer, said: “The creation of syndicate 2546 represents an important step for Coface. This project reflects our determination to improve the support to our customers by offering them a broader range of solutions. We see growth potential for credit insurance at Lloyd’s.

“This new structure is perfectly in line with the objectives of our Power The Core strategic plan, which aims to strengthen and extend our core expertise in credit insurance. It also supports our ambition to develop a global ecosystem of reference for credit risk management.”

“We are delighted to welcome Coface as a new Apollo Platform Partner, supporting and maximising the delivery of their Lloyd’s aspirations. The combination of Coface’s market leading trade credit expertise and Apollo’s track record of building innovative new syndicates is exceptionally exciting for the Lloyd’s market,” commented David Ibeson, Apollo Group CEO.

Coface was supported by Amwins Global Risks to lead its Lloyd’s Coverholder approvals, and Lindsey Davies, Director of Operations, said: “We’re delighted to be partnering with Coface and Apollo, and bringing our market leading delegated expertise on this project. The level of collaboration and problem solving has been outstanding and we look forward to working with them both in the longer term as they build out their Lloyd’s offering.”

Gallagher Re, the reinsurance arm of the global broking group, supported and advised Coface throughout the process of establishing its new syndicate.

Gallagher Re’s UK CEO, Ian Kerton, added: “Gallagher Re is delighted to have helped Coface gain in principle approval for a new syndicate at Lloyd’s. We are also proud to have continued supporting Lloyd’s as the premier marketplace for providing innovative insurance coverage.”

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