Trade deal with Coface gets approval for Apollo's credit arrangement
Apollo, an innovation-focused insurance platform, and Coface, a global leader in trade credit risk management, have announced a partnership to launch a new trade credit syndicate at Lloyd's, known as Syndicate 2546[1][2][3][4]. The syndicate has received "in principle" approval and is scheduled to commence underwriting during 2025.
The partnership combines Coface's expertise in trade credit risk management with Apollo's innovative insurance platform and track record in establishing syndicates at Lloyd's. The new syndicate will offer AA-rated short-term trade credit insurance solutions globally, enabling Coface to expand its capacity and product offerings to selected market segments[1][3][4].
Coface's strategic plan, called "Power The Core," aims to strengthen and extend its core expertise in credit insurance while developing an international footprint and creating a global ecosystem for credit risk management[1][3][4]. Apollo CEO David Ibeson emphasized the significance of the partnership, highlighting the complementary strengths and growth opportunities it brings to the Lloyd's market[1][2][3]. Coface CEO Xavier Durand described the syndicate as an important step to broaden customer solutions and to capture growth potential in the Lloyd's credit insurance market[1][2][3][4].
The new syndicate is not the only collaboration for Apollo. The company has also partnered with Envelop Risk to underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, effective from the 2023 year of account[5][6]. This partnership is a strategic one for Apollo, as it aims to support innovative and specialist insurance solutions at Lloyd's.
In addition, Apollo has entered into a long-term strategic partnership with WNS, a digital-led business transformation and services partner, to provide bespoke innovative solutions to support Apollo's third-party syndicate partnership business[7].
The launch of the captive syndicate at Lloyd's is a significant event for Apollo, marking the first captive syndicate of the modern era[8]. Gallagher Re, a Lloyd's broker, helped Coface gain in principle approval for a new syndicate at Lloyd's[9]. The captive syndicate, managed by Apollo Syndicate Management Ltd., is in partnership with a major global company[10].
This partnership with Coface is just one example of Apollo's commitment to innovation and growth in the Lloyd's market. With the launch of three other syndicates in 2024, Apollo continues to support specialist insurance solutions and contribute to the diversity of the Lloyd's market[11].
References:
- Apollo and Coface Form a Strategic Partnership
- Coface and Apollo to Launch a Trade Credit Syndicate at Lloyd's
- Apollo and Coface Partner to Launch a Trade Credit Syndicate at Lloyd's
- Apollo and Coface Announce the Launch of a New Trade Credit Syndicate at Lloyd's
- Apollo Partners with Envelop Risk to Underwrite Cyber Reinsurance Business
- Apollo and Envelop Risk Form a Strategic Partnership for Cyber Reinsurance
- Apollo Partners with WNS for Innovative Solutions for Third-Party Syndicate Partnership Business
- Apollo Launches the First Captive Syndicate of the Modern Era at Lloyd's
- Gallagher Re Helps Coface Gain In Principle Approval for a New Syndicate at Lloyd's
- Apollo Syndicate Management Ltd. to Manage the New Captive Syndicate at Lloyd's
- Apollo Continues to Support Innovative and Specialist Insurance Solutions at Lloyd's
- The partnership between Apollo and Coface not only includes underwriting trade credit risks but also involves reinsurance, as they plan to launch a new trade credit syndicate at Lloyd's, Syndicate 2546, to offer AA-rated short-term trade credit insurance solutions globally.
- Apollo's strategic collaboration with Coface embodies innovation, as the new syndicate will cater to selected market segments, and with the launch of three more syndicates in 2024, Apollo continues to drive innovation and contribute to the diversity of the Lloyd's market.
- In addition to their collaboration with Coface, Apollo has entered into a strategic long-term partnership with WNS, focusing on developing innovative solutions to support Apollo's third-party syndicate partnership business, thus contributing to the business ecosystem.
