Prime Highlights-
- Lloyd’s approves Credeq Syndicate 1998 in principle, creating a new specialist market for credit risk insurance and surety reinsurance.
- Credeq gains its own underwriting capacity at Lloyd’s, with Asta as managing agent, to fuel credit risk insurance growth.
Key Facts-
- Underwriting is set to begin at the start of 2027, subject to final permission.
- Credeq operates in 10 countries and manages more than £185 million in annual premium.
Background-
Lloyd’s has granted in-principle approval to Credeq Syndicate 1998, a new syndicate that will focus on credit risk insurance, surety reinsurance and specialty European trade credit.
Credeq plans to begin underwriting at the start of 2027, once it completes the remaining implementation steps and secures final permission. Credeq will act as coverholder, with Asta Managing Agency as managing agent. Marsh Capital & Advisory advised on the formation.
The syndicate gives Credeq its own capacity at Lloyd’s, alongside the insurers and reinsurers it already works with. Co-chief executive Martin McConnell called the step a major milestone and said the syndicate will complement existing capacity partnerships. Asta chief executive Lorraine Harfitt said the approval reflects the partnership both firms have built.
London-headquartered Credeq provides specialist credit insurance covering guarantees and surety, trade credit, credit risk insurance and AI risk. The group brings together businesses with more than 35 years of credit insurance history, operates in 10 countries and manages more than £185 million in annual premium.
Banks and other lenders typically use credit risk insurance to protect loan books and transfer risk. Surety reinsurance supports insurers that issue guarantees and bonds, while the trade credit line covers businesses against customer non-payment.
For brokers, the syndicate adds a dedicated Lloyd’s market for credit risk insurance, which should widen capacity and support competitive terms for bank clients. The model of a specialist coverholder running its own syndicate through a managing agent such as Asta fits a growing trend at Lloyd’s.