- Credeq has secured in-principle approval to establish Lloyd’s Syndicate 1998, with underwriting expected to begin on January 1, 2027, subject to final authorization.
- The syndicate will specialize in credit risk insurance, surety reinsurance and European trade credit, providing additional capacity alongside Credeq’s existing insurance partnerships.
- Asta Managing Agency will manage the syndicate, while Credeq will serve as coverholder. The company operates in 10 countries and manages more than £185 mn in annual premiums.
Credit risk specialist Credeq has received in-principle approval from Lloyd’s to establish Syndicate 1998, expanding its underwriting capacity as part of its international growth strategy.
The syndicate is expected to begin underwriting on January 1, 2027, subject to completing implementation requirements and obtaining final permission to underwrite.
Its operations will focus on credit risk insurance, surety reinsurance and specialty European trade credit. The syndicate will also provide additional capacity for Credeq’s existing credit risk portfolio and support new business opportunities alongside established capacity partnerships.
Establishing specialist underwriting capacity within Lloyd’s 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.
Martin McConnell, Credeq’s co-chief executive officer and head of credit risk insurance
“It is an important next step in building Credeq’s global specialist credit business”, Martin McConnell noted.
Credeq will act as coverholder for Syndicate 1998, with Asta Managing Agency appointed as managing agent.
The company expects the Lloyd’s platform to provide greater underwriting flexibility and access to international markets, supported by Lloyd’s financial security framework.
The arrangement will allow Credeq to expand its specialist credit insurance operations while maintaining its existing relationships with capacity providers.
Credeq currently operates in 10 countries and manages more than £185 mn ($246.8 mn) in annual premiums worldwide.
The company is expanding across Asia-Pacific, Europe, Africa and North America, with Syndicate 1998 intended to support its ability to underwrite complex credit exposures across these markets.
