The new cyber syndicate, headed by two ex-Aspen executives, will begin underwriting in 2023 

Lloyd’s third-party managing agent Asta has today (17 November 2022) announced that new syndicate Trium Cyber Syndicate 1322 has received final approval from Lloyd’s of London.

This means that the syndicate will begin underwriting business on 1 January 2023.

Asta is owned by insurance services firm Davies, following an acquisition in July this year. 

Trium Cyber is backed by investment firm Pelican Ventures and plans to write $50m (£42m) of gross written premiums during its first year, according to a statement.

Trium’s c-suite includes former Aspen global head of cyber Josh Ladeau as chief executive and his Aspen colleague Jeff Bores as chief underwriting officer.

Ladeau said: “The timing for the launch of Trium Cyber could not be better. Demand for coverage is significant and while rates have risen materially in line with exposure, capacity remains severely constricted.

”Trium delivers to the market significant cyber underwriting experience and fresh capacity at a point of critical need.”

Ideal platform

Ladeau and Bores collectively bring a track record of underwriting leadership, technical and security knowledge and experience in the evolving cyber class.

Asta chief executive Lorraine Harfitt added: “The launch of Trium provides an opportunity to make a focused play in the demanding cyber risk market and gives customers a credible alternative in a line of business which requires expertise.

“Through Lloyd’s, in line with its best traditions, the Trium team aong with Asta have been able to plan and launch an underwriting operation in just a few months, in response to clients’ urgent need for highly rated specialist cover delivered by experts.” 

Ladeau continued: “Lloyds provides the ideal platform for Trium. Alongside the obvious advantages of Lloyd’s licences and agency ratings, we will benefit from its global position as a specialty underwriting leader, thought leadership on cyber risk, appetite for best-in-breed cyber exposure and the globally renowned Lloyd’s brand.”

All business will be exclusively written through a binding authority with Trium’s US-domiciled services company, Trium Cyber US Services, but the syndicate will operate in the UK from Lloyd’s of London.

  • Insurance Times has converted dollar amounts into pounds using an exchange rate of £1 = $1.15 USD, which was correct as of 1 November 2022.