Specialist credit syndicate gets in-principle approval from Lloyd’s

Lloyd’s has granted in-principle approval for the launch of Credeq Syndicate 1998.

Subject to completing the remaining implementation requirements and receiving final permission to underwrite, the syndicate is expected to begin underwriting from 1 January 2027.

Credeq will act as coverholder for Syndicate 1998, bringing its specialist underwriting expertise and global origination network to the Lloyd’s market.

The new operation will focus primarily on credit risk insurance, alongside surety reinsurance and specialist European trade credit business.

Credeq said the syndicate will provide additional capacity to support its existing credit risk portfolio while creating opportunities for further international growth. It will operate alongside the company’s existing capacity partnerships.

Martin McConnell, co-chief executive and head of credit risk insurance at Credeq, said: “Establishing our own specialist underwriting capacity within Lloyd’s is a major milestone for Credeq. It brings together our deep credit risk expertise and global origination capability with the unmatched financial strength and global reach of the world’s leading insurance marketplace.

“The syndicate gives us additional, strategically aligned capacity to support our clients and underwrite complex credit risks across our markets, while complementing the strong capacity partnerships we already have in place.”

’Unique proposition’

Asta Managing Agency has been appointed as managing agent, while Marsh Capital and Advisory advised Credeq on the formation of the syndicate.

Lorraine Harfitt, chief executive at Asta, said: “We are delighted to partner with Credeq as the business takes this important step towards entering the Lloyd’s market.

”Receiving in-principle approval from Lloyd’s for this unique proposition is testament to the strength of the partnership we have already built together and we are excited to support the Credeq team as they launch and establishes their presence in the market.”