Trade Credit Specialist Coface Gets Nod From Lloyd’s to Launch Syndicate

Coface, the Paris-based trade credit risk management specialist, announced it has received an “in principle approval” from Lloyd’s to launch a short-term trade credit syndicate.

The syndicate – Coface Lloyd’s Syndicate 2546 – is expected to commence underwriting in 2025 and will be managed by London-headquartered Apollo Syndicate Management, which provides bespoke third-party managing agency services.

The syndicate will enable the group to provide AA- rated solutions to better serve the needs of selected segments of the market, while providing significant profitable growth potential for Coface, the company indicated.

“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,” according to Xavier Durand, Coface’s chief executive officer. “We see growth potential for credit insurance at Lloyd’s.”

David Ibeson, Apollo 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.”

The launch was supported and advised by Lloyd’s broker, Gallagher Re, whose UK CEO Ian Kerton commented: “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.”

Source: Coface and Apollo Syndicate Management

Topics Excess Surplus Lloyd's