Allianz Commercial is establishing its own direct-insurance syndicate at Lloyd’s, the London insurance market, as part of a strategy to expand its specialty insurance business. The syndicate, named Allianz Commercial 1893, is expected to begin operating in January 2027. Lloyd’s has given the project preliminary approval, according to the company.
Lloyd’s is a marketplace for complex specialty insurance, including coverage for transport, aviation, marine risks and terrorism. The financial risks of policies are borne by syndicates, which may be backed by one or more capital providers.
Allianz Commercial chief executive Thomas Lillelund told Handelsblatt that Lloyd’s would provide access to business the company could not reach through the open market. The name 1893 refers to the year Allianz opened a London office, marking its first international step.
The new syndicate is intended to complement, rather than replace, Allianz Commercial’s existing specialty insurance operations.
Sources: Handelsblatt.