Specialist credit underwriting management agency Credeq has secured in-principle approval from Lloyd’s for Syndicate 1998, which aims to begin underwriting from 1st January 2027. It will focus on credit risk insurance, alongside surety reinsurance and speciality European trade credit.

Credeq will serve as coverholder for the new syndicate with Asta Managing Agency named as its managing agent. Credeq says the syndicate will add an extra dimension to its existing credit risk business and support future growth.

Martin McConnell, co-CEO and head of credit risk insurance at Credeq said: “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. It is an important next step in building Credeq’s global specialist credit business.”

Lorraine Harfitt, chief executive officer at Asta, added: “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.”