Trade agreement approved between Apollo and Coface for trade credit financing

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Apollo, an innovation-focused insurance platform, and Coface, a leading global trade credit risk management firm, have announced the launch of a new trade credit syndicate at Lloyd's. The syndicate, designated as Syndicate 2546, is expected to commence underwriting in 2025, likely before the end of the year.

The partnership enables Coface to offer AA-rated short-term trade credit insurance solutions globally, expanding its capacity to serve targeted market segments. This move aligns with Coface’s strategic plan, "Power the Core," which focuses on strengthening its credit insurance expertise and broadening its global footprint.

For Coface, this syndicate represents a significant step to diversify and grow its credit insurance offerings through Lloyd’s renowned platform. The syndicate was supported by Amwins Global Risks in securing Lloyd's Coverholder approvals.

Apollo benefits by enhancing its platform partner model. This syndicate follows three new syndicates launched by Apollo in 2024. Apollo brings its expertise in syndicate management and innovative underwriting solutions, complementing Coface’s sector knowledge.

The partnership is seen as strengthening Lloyd's position in the trade credit market by combining Coface’s risk expertise with Apollo’s proven capacity to develop and manage new syndicates successfully. The launch was supported and advised by Lloyd's broker, Gallagher Re.

Key benefits and details include:

Expected underwriting start: During 2025, likely before year-end.
Syndicate number: 2546.
Insurance rating: AA-rated short-term trade credit solutions.
Strategic alignment: Supports Coface’s "Power the Core" plan to enhance credit insurance capabilities and build a global ecosystem for credit risk management.
Market impact: Expands profitable, specialist underwriting capacity at Lloyd's and offers clients a broader range of credit risk solutions globally.
Management: Syndicate managed by Apollo, providing innovation and operational expertise.

Statements by leaders reinforce the significance. David Ibeson, Apollo CEO, highlights the exciting combination of Coface’s expertise with Apollo’s Lloyd's market innovation, while Xavier Durand, Coface CEO, emphasizes the syndicate’s role in supporting customers with broader solutions and growth potential at Lloyd's.

In addition to the trade credit syndicate, Apollo has partnered with Envelop Risk to underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, effective from the 2023 year of account. This marks the first captive syndicate of the modern era at Lloyd's, further solidifying Apollo's position as a key player in the insurance market.

Gallagher Re's UK CEO, Ian Kerton, expressed delight at helping Coface gain "in principle" approval for a new syndicate at Lloyd's. Lindsey Davies, Director of Operations at Amwins Global Risks, expressed delight at partnering with Coface and Apollo. David Ibeson, CEO of Apollo Group, expressed excitement about the partnership with Coface.

[1] Apollo and Coface Announce New Trade Credit Syndicate at Lloyd's [2] Coface Launches New Trade Credit Syndicate at Lloyd's with Apollo [3] Apollo and Coface Partner to Launch Lloyd's Syndicate 2546 [4] Apollo and Coface Partner to Launch Lloyd's Syndicate 2546

The insurance industry is witnessing innovation with Apollo and Coface's launch of a new trade credit syndicate at Lloyd's, designated as Syndicate 2546, which will commence underwriting in 2025.
The partnership between Apollo and Coface signifies an important step in the finance business, as it aims to offer AA-rated short-term trade credit insurance solutions globally, expanding Coface's capacity to serve targeted market segments.
The collaboration between Apollo and Coface represents a significant event in the industry, with Apollo's expertise in syndicate management and innovative underwriting solutions complementing Coface’s sector knowledge.