Allianz Commercial's new direct underwriting syndicate, Allianz Commercial 1893, has received in-principle approval from Lloyd's. Polo Managing Agency (PMA) has been appointed as managing agent.
The syndicate is expected to start trading on January 1, 2027, subject to final Lloyd's approval. Allianz Commercial said it would give the business a long-term direct underwriting presence at Lloyd's, with greater access to specialty business, facilities and selected managing general agent (MGA) business.
The syndicate’s number marks the year Allianz first expanded internationally, opening a London office in 1893, three years after it was founded in Berlin.
The new syndicate is distinct from Syndicate 1890, which Allianz and Oaktree launched in January 2026. That syndicate, also managed by PMA, takes a share of Allianz’s outward reinsurance programmes as a multi-year partner, backed by Oaktree’s capital.
Syndicate 1893 is different. It will write business directly at Lloyd’s, giving Allianz Commercial a platform in the London market’s specialty and delegated authority business.
PMA has now brought six syndicates to Lloyd’s since 2025, including Atradius Syndicate 1864 and OAK Enterprise Syndicate 1440.
“Through Polo Managing Agency, we have worked closely with the Allianz team to support the establishment of Allianz Commercial 1893 and provide the infrastructure and Lloyd’s market expertise behind the new syndicate,” said Phil Smith, chief executive of PMA, subject to regulatory approval.
Allianz joins a long list of major groups moving into or expanding at Lloyd’s. In recent weeks, Generali won approval for Syndicate 2031 Red Bridge, credit specialist Credeq for Syndicate 1998, and OAK Global for a new partnerships unit within Syndicate 1440. Zurich’s acquisition of Beazley has given it a Lloyd’s presence for the first time.
For London market brokers, Syndicate 1893 adds another well-capitalised market for specialty risks and facilities from January. The focus on facilities and MGA business means it is likely to compete for delegated authority capacity, where demand from MGAs remains strong.
The wave of new syndicates is also adding capacity at a time when specialty rates are softening. That should give brokers more choice and leverage at the January renewals. But more capacity chasing the same business could intensify pricing pressure, and brokers will want to see how long-term each new entrant’s commitment proves to be.
