Insurance platform Apollo has teamed up with credit insurance specialist Coface to launch a trade credit syndicate that has received ‘in principle’ approval from Lloyd’s. The syndicate is expected to begin underwriting before the end of the year.

David Ibeson, group CEO of Apollo, said: “We are delighted to be the chosen Lloyd’s managing agency partner of Coface, a respected market leader in short term trade credit insurance. The combination of Coface’s trade credit expertise and Apollo’s successful track record of delivering innovative solutions at Lloyd’s is incredibly exciting for the Lloyd’s market.”

Xavier Durand, chief executive officer of Coface, added: “The creation of syndicate 2546 represents an important step for Coface. This project reflects our determination to improve the support to our customers by offering them a broader range of solutions. We see growth potential for credit insurance at Lloyd’s.

“This new structure is perfectly in line with the objectives of our ‘Power The Core’ strategic plan, which aims to strengthen and extend our core expertise in credit insurance. It also supports our ambition to develop a global ecosystem of reference for credit risk management.”