Allianz Commercial Plans Lloyd's Syndicate
Allianz Commercial will write risk through a new direct underwriting syndicate at Lloyd's, expected to begin trading January 1, 2027.
Updated on Nov. 5, 2026 in Commercial
Allianz Commercial has announced plans to establish a direct underwriting syndicate, Allianz Commercial 1893, at Lloyd's in London. Lloyd's has granted approval in principle for Syndicate 1893, with trading expected to begin January 1, 2027.
Why it matters
The syndicate will give Allianz Commercial access to specialty, facilities and selected MGA business at Lloyd's that it cannot reach through its company market channels. The move extends the insurer's presence in one of the world's largest specialty insurance markets.
Allianz Commercial generated approximately €17.3 billion in gross premium globally in 2025, and the syndicate is expected to begin trading January 1, 2027. No capacity target has been disclosed for the new syndicate.
The players
Allianz Commercial
The commercial and specialty insurance arm of the German insurer Allianz, which is expanding its direct underwriting presence in the London market.
Lloyd's of London
The specialist insurance market in London that grants syndicate approvals and provides the shared infrastructure through which members write risk.
Emma Woolley
A senior insurance executive who is joining Allianz Commercial from Talbot Underwriting, where she serves as chief executive.
The details
Syndicate 1893 is named after the year Allianz opened its first international office in London. It will write risk on its own account through Lloyd's market infrastructure, where facilities allow a lead underwriter to set terms that following markets can adopt.
Timeline
January 2026: Syndicate 1890 reinsurance vehicle launched with Oaktree Capital Management.
August 2026: Emma Woolley appointed president of global specialty and UK region.
September 2026: HDI Global receives approval in principle for its own Lloyd's syndicate.
January 1, 2027: Syndicate 1893 trading expected to begin, subject to final regulatory approval.
Market Landscape
Allianz is following a pattern of large international insurers establishing direct Lloyd's syndicates to access London specialty business. The move builds on its Syndicate 1890 reinsurance vehicle launched with Oaktree Capital Management in January 2026.
Businesses seeking specialty or facilities cover in the London market may see new capacity from Allianz Commercial once Syndicate 1893 begins trading in 2027. Brokers and clients should monitor the syndicate's launch timeline as regulatory approval is finalized.
The takeaway
Large insurers are building their own Lloyd's presence rather than relying solely on partner arrangements, which can give buyers of specialty cover more direct access to capacity. Watch for the capacity target and trading start in 2027.
What happens next
Trading at Syndicate 1893 is expected to begin on January 1, 2027, subject to final regulatory approval, and Emma Woolley is expected to take up her role no later than February 2027.
Further reading
For more on the commercial property market, see the Commercial section.
