Allianz Commercial has revealed plans to establish Allianz Commercial 1893, a new direct underwriting syndicate at Lloyd’s, which is expected to begin trading from January 1, 2027, subject to final regulatory approval, with in-principle approval from Lloyd’s already in place.
Allianz Commercial 1893 takes its name from the year Allianz first expanded internationally, opening a London office in 1893, three years after its founding in Berlin in 1890.
The new syndicate, of which Polo Managing Agency will act as managing agent, will reportedly give Allianz Commercial greater access to Specialty, facilities and selected MGA business at Lloyd’s.
“This strengthens Allianz’s presence at Lloyd’s, the only insurance marketplace of its kind, with a long-established global reputation as a center for complex Specialty insurance,” the firm explained.
Thomas Lillelund, CEO of Allianz Commercial, commented, “The new syndicate will establish a long-term direct underwriting presence for Allianz Commercial in one of the world’s leading Specialty markets.
“It will expand our access to specialist business and strengthen our ability to serve clients and brokers facing increasingly complex and international risks.”
Dawn Miller, Lloyd’s Chief Commercial Officer and CEO of Lloyd’s Americas, added, “We are delighted to welcome this new Allianz syndicate to the Lloyd’s market.
“The decision to launch at Lloyd’s not only reflects our history of bringing together the world’s leading risk takers but is also a vote of confidence in the market’s unique advantages in servicing multinational, specialty, and complex risks at scale.”
In related news, Lloyd’s is overhauling its operating model to reduce complexity and the cost of doing business in its market, while maintaining world-leading standards of oversight.
The specialist insurance and reinsurance marketplace said the announcement delivers on the strategic commitment it made in March to become a more efficient and flexible market.
