Credeq and Generali join Lloyd's queue for 1 January 2027 starts

• Lloyd's has approved Credeq Syndicate 1998 and Generali's Red Bridge Syndicate 2031 in principle; both expect to start underwriting on 1 January 2027.
• Lloyd's says 13 syndicates launched on 1 January 2026, after seven started in 2025. It has not published a figure for 2027.
• Ten new UK companies with Lloyd's corporate-member names were set up in October, CoverWire's data shows.

Credit specialist Credeq and Italian insurer Generali have joined the group of syndicates lining up to start at Lloyd's on 1 January 2027, after both announced in-principle approval in October.

Lloyd's granted in-principle approval for Credeq Syndicate 1998, Credeq said on 16 October. The syndicate will write credit risk insurance, surety reinsurance and European trade credit, with Asta Managing Agency as managing agent. Credeq expects it to begin underwriting on 1 January 2027, subject to completing the remaining implementation requirements and final Permission to Underwrite.

Generali's Red Bridge Syndicate 2031 has also received in-principle approval and is expected to begin underwriting on 1 January 2027, Apollo said on 21 October. Apollo will act as managing agent. Red Bridge will give Lloyd's members a share of Generali's outward reinsurance programme, which covers several lines of business across Europe.

For brokers, the two approvals point in different directions. Credeq adds capacity in credit and surety; Lloyd's 2025 annual report named trade credit as the only notable new area of interest in the market's business mix. Red Bridge takes a share of one insurer's own reinsurance cessions rather than open-market business.

They are not alone. Cedar Trace said in September that it would launch a $300m syndicate for the 2027 underwriting year after in-principle approval from the Lloyd's Council on 2 September, and Envelop Syndicate 1925 is due to start on 1 January 2027, Global Reinsurance reported in August.

The queue follows a busy year for newcomers. Seven new syndicates started business in 2025 and a further 13 launched on 1 January 2026, according to the Lloyd's 2025 annual report. New entrants arrive as conditions get tougher: Lloyd's 2026 Market Oversight Plan describes a softening market.

The capital side is moving too. Ten UK companies with Lloyd's corporate-member names and insurer industry codes were set up between 5 and 27 October, according to CoverWire's table of new insurance-related companies. Corporate members provide the capital behind syndicates, and new ones are often set up ahead of a new year of account. They include Pekin Corporate Member Limited and Diversify CM 1 Limited.

What to watch: whether Credeq, Red Bridge and the other approved syndicates receive final Permission to Underwrite before 1 January, and whether Lloyd's gives a count of 2027 newcomers.

Related coverage: CoverWire data: new UK insurance companies

Sources

• Credeq: Syndicate 1998 receives Lloyd's in-principle approval
• Apollo/Skyward: Apollo partners with Generali to launch Red Bridge Syndicate 2031
• Asta: Cedar Trace set to launch $300m Lloyd's syndicate for 2027
• Global Reinsurance: Envelop to launch Syndicate 1925 at Lloyd's
• Lloyd's 2025 Annual Report
• Lloyd's 2026 Market Oversight Plan
• CoverWire data: new UK insurance companies

This story was updated on 3 November 2026 with additional reporting.

Update, 4 November 2026: This story was updated after publication on 3 November to add details of Generali's and Credeq's plans, and the headline was changed. We have also removed a reference linking Credeq to a newly formed company, because that link has not been confirmed.

CoverWire is a news and information service. Nothing here is investment advice.