Coface and Apollo receive Lloyd’s approval for new trade credit syndicate

Coface is set to enter the Lloyd’s market after securing in-principle approval to launch a new short-term trade credit syndicate in partnership with Apollo Syndicate Management.

Syndicate 2546 is expected to begin underwriting in 2025 and will offer AA-rated credit insurance solutions to a global client base.

The syndicate will be managed by Apollo and is aimed at expanding Coface’s capacity to serve targeted segments of the credit insurance market through Lloyd’s. It also supports Coface’s broader strategic plan, "Power the Core", which focuses on reinforcing its core credit insurance capabilities while developing its international footprint.

Xavier Durand (pictured above, left), CEO of Coface, said the syndicate supports the group’s goal of offering a broader range of credit insurance solutions. He added that Lloyd’s presents growth opportunities in the short-term credit space and that the new structure fits with Coface’s ambition to build a global ecosystem for credit risk management.

For Apollo, the move adds to its growing platform partner model, following the launch of three syndicates in 2024. The firm said the latest partnership reflects continued demand for specialist underwriting capacity at Lloyd’s and brings together Coface’s sector expertise with Apollo’s syndicate management experience.

Group CEO David Ibeson (pictured above, right) said the collaboration strengthens Lloyd’s positioning in trade credit by pairing Coface’s underwriting and risk expertise with Apollo’s track record in developing new syndicates.

Coface’s entry into Lloyd’s was backed by several partners. Gallagher Re served as broker on the project, while Amwins Global Risks led the coverholder approval process. Lindsey Davies, director of operations at Amwins, said the collaboration highlighted strong coordination across the parties involved. Gallagher Re UK CEO Ian Kerton added that the syndicate reinforces Lloyd’s role in supporting innovation and capacity expansion in specialty lines.

The launch comes at a time of rising interest in trade credit insurance, as businesses seek protection against payment default amid persistent economic uncertainty. Coface said the new syndicate will enhance its ability to meet client demand for rated, short-term credit cover, particularly in regions where capacity remains limited.

Syndicate 2546 is expected to provide new options for insurers, reinsurers, and corporates seeking Lloyd’s market access for credit insurance.