Coface receives in-principle Lloyd’s approval for trade credit syndicate

(The Insurer) - French credit insurer Coface said on Wednesday it has received in-principle approval from Lloyd’s to launch a new short-term trade credit syndicate, marking its entry into the Lime Street market.

The new syndicate, Coface Syndicate 2546, will be managed by Apollo Syndicate Management and is expected to begin underwriting in 2025.

Coface said the move will allow it to offer AA-minus rated solutions to targeted market segments and supports its strategy to expand its core credit insurance business. The company said it sees “significant profitable growth potential” for credit insurance at Lloyd’s.

“This project reflects our determination to improve the support to our customers by offering them a broader range of solutions,” Coface CEO Xavier Durand said in a statement. “It also supports our ambition to develop a global ecosystem of reference for credit risk management.”

Apollo Group CEO David Ibeson welcomed Coface as a new platform partner, calling the collaboration “exceptionally exciting” for the Lloyd’s market.

Coface said Gallagher Re had played an advisory role during the process.