Apollo and Coface secure Lloyd’s approval for trade credit syndicate

Apollo has received in-principle approval from Lloyd’s to launch a new trade credit syndicate in partnership with Coface.

The new syndicate, which will operate under number 2546, is expected to commence underwriting later in 2025.

It becomes the latest addition to Apollo’s expanding platform partner strategy, following the launch of three syndicates in 2024.

The partnership will enable Coface to offer AA-rated short-term credit insurance solutions to a global client base, while bringing new premium and specialist expertise to the Lloyd’s market.

David Ibeson, Apollo’s group CEO, said: “We are delighted to be the chosen Lloyd’s managing agency partner of Coface, a respected market leader in short term trade credit insurance.

“The combination of Coface’s trade credit expertise and Apollo’s successful track record of delivering innovative solutions at Lloyd’s is incredibly exciting for the Lloyd’s market.”

Coface’s chief executive Xavier Durand said the initiative aligns with the company’s Power the Core strategy and reflects its ambition to build a global ecosystem in credit risk.

“The creation of syndicate 2546 represents an important step for Coface,” he said. “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.”

Amwins Global Risks supported Coface in securing Lloyd’s coverholder approvals.

Lindsey Davies, director of operations at Amwins, 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 acted as broker on the transaction. Ian Kerton, UK CEO of Gallagher Re, 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.”