Coface secures Lloyd’s market entry with new trade credit syndicate

Coface is set to expand its global presence in credit insurance by entering the Lloyd’s market, following the receipt of in-principle approval to establish a dedicated short-term trade credit syndicate in collaboration with Apollo Syndicate Management. The new entity, Syndicate 2546, is scheduled to commence underwriting activities in 2025 and will deliver AA-rated credit insurance solutions to clients worldwide.

The syndicate will be managed by Apollo and forms part of Coface’s strategic plan, Power the Core, which aims to bolster its foundational credit insurance services while supporting broader international growth. This initiative is designed to enhance Coface’s capacity to serve key market segments through Lloyd’s globally recognised platform.

Coface Chief Executive Officer Xavier Durand emphasized that the new syndicate aligns with the company’s goal of offering a more comprehensive portfolio of credit insurance products. He noted that the Lloyd’s marketplace offers significant opportunities for expansion within the short-term credit sector and that the initiative complements Coface’s ambition to develop a global ecosystem for credit risk management.

For Apollo, this collaboration represents a further step in the development of its platform partner model, which previously saw the launch of three syndicates in 2024. The company underscored the continued market demand for specialist underwriting capacity at Lloyd’s. By combining Coface’s extensive credit underwriting and risk management expertise with Apollo’s experience in syndicate development and administration, the partnership is expected to reinforce Lloyd’s position in the trade credit insurance space.

Apollo Group CEO David Ibeson commented that the partnership with Coface brings together complementary strengths that will contribute to the ongoing innovation and depth of the Lloyd’s market.

The syndicate’s formation has received broad-based support from industry partners. Gallagher Re acted as the broker for the project, while Amwins Global Risks led the coverholder approval process. Amwins’ Director of Operations, Lindsey Davies, highlighted the strong cross-party collaboration involved, while Gallagher Re UK CEO Ian Kerton remarked that the initiative affirms Lloyd’s strategic role in advancing specialty insurance capacity and innovation.

The launch of Syndicate 2546 comes amid heightened interest in trade credit insurance, driven by businesses’ growing need for protection against payment defaults in an environment marked by ongoing economic uncertainty. Coface stated that the new syndicate will strengthen its ability to meet demand for rated, short-term credit cover, particularly in regions where existing market capacity is limited.

Syndicate 2546 is expected to serve as a new channel for insurers, reinsurers, and corporates seeking credit insurance solutions within the Lloyd’s market framework