Coface announces today that it has received an “in principle approval” from Lloyd’s to establish a new short term trade credit syndicate, that will be managed by Apollo Syndicate Management (‘Apollo’).
The syndicate (Coface Lloyd’s Syndicate, 2546), is expected to commence underwriting in 2025. Coface believes that the syndicate will be a valuable addition to the Group’s offering. It will enable Coface to provide AA- rated solutions to better serve the needs of selected segments of the market. Coface also believes that there is significant profitable growth potential for credit insurance solutions at Lloyd’s.
Coface values the support and advice received from Gallagher Re throughout the entire process.
Xavier Durand, Coface’s Chief Executive Officer, commented:
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.
David Ibeson, Apollo Group CEO, said:
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.
About Apollo
Apollo is an innovation inspired insurance platform offering data-driven and creative solutions to a wide variety of risks.
We provide high quality products and services to clients, brokers, and capital partners at Lloyd’s, enabling a resilient and sustainable world.
We offer insurance products across Property, Casualty, Marine, Energy & Transportation, Specialty, Reinsurance, as well as Smart Follow and digital & embedded risk programmes. Our expertise and unique Apollo ecosystem give our Platform Partners the best chance of success through the Lloyd’s new entrant process to the delivery of their long-term strategy.
We invest in true partnership and innovation driven experiences unlike anyone else.
About Gallagher Re
Gallagher Re is a full-service global reinsurance broking and advisory firm operating across the risk and capital spectrum.
By combining analytics capabilities with reinsurance expertise, strategic advisory services and transactional excellence, we help clients drive greater value from their businesses, negotiate optimum terms and achieve their risk transfer objectives. Our global client base includes all the world’s top insurance and reinsurance carriers, as well as national catastrophe schemes in many countries around the world.
Backed by Gallagher, one of the world's largest insurance brokerage, risk management and benefits consulting companies, we're more connected to the places you do business. Whether your operations are global, national or local, we have the talent, market position and trusted relationships to build the best solutions possible.
