Credeq Syndicate 1998 receives Lloyd’s in-principle approval

Lloyd’s has granted in-principle approval for the establishment of Credeq Syndicate 1998.

Subject to completing the remaining implementation requirements and receiving final Permission to Underwrite, the syndicate is expected to begin underwriting from 1 January 2027.

Its business plan will focus on credit risk insurance, alongside surety reinsurance and specialty European trade credit.

Credeq said the syndicate will provide additional capacity to support its existing credit risk business and create new growth opportunities alongside its current capacity partnerships.

Credeq will act as coverholder for Syndicate 1998, bringing its underwriting expertise and global origination network to the Lloyd’s market.

Asta Managing Agency has been appointed managing agent, while Marsh Capital and Advisory advised on the syndicate formation.

Martin McConnell, co-CEO and head of credit risk insurance at Credeq, said: “Establishing our own specialist underwriting capacity within Lloyd’s is a major milestone for Credeq.

“It brings together our deep credit risk expertise and global origination capability with the unmatched financial strength and global reach of the world’s leading insurance marketplace.”

He added: “The syndicate gives us additional, strategically aligned capacity to support our clients and underwrite complex credit risks across our markets, while complementing the strong capacity partnerships we already have in place.”

Lorraine Harfitt, CEO of Asta, said: “We are delighted to partner with Credeq as the business takes this important step towards entering the Lloyd’s market.

“Receiving in-principle approval from Lloyd’s for this unique proposition is testament to the strength of the partnership we have already built together,” she added.

Credeq operates across 10 countries and manages more than £185m in annual premium across credit insurance and related risk solutions.