New cyber syndicate gets green light from Lloyd’s

Asta, the leading third-party managing agent at Lloyd’s, has announced that Trium Cyber, a new risk carrier backed by Jim Stanard’s Pelican Ventures, has received ‘in principle’ approval from Lloyd’s.

Trium Cyber Syndicate 1322 expects to write $50m of gross premiums during its first year of operations, commencing January 2023.

Trium Cyber’s executive team includes former Aspen global head of cyber, Josh Ladeau, as chief executive, and his long-time colleague, Jeff Bores, as chief underwriting officer and Active Underwriter.

Together the pair have a successful track record of underwriting leadership with demonstrable technical/security acumen and strong historical performance in the evolving Cyber class, which they now bring to Trium Cyber.

Alongside coverage, Trium Cyber is establishing the provision of complementary risk management advisory services and customised real-time loss mitigation services to drive rapid claims decisions and favourable loss outcomes, to support its growth aspirations.

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.

“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.”

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

”The launch also highlights the attractiveness of the Lloyd’s platform to entrepreneurial underwriters. Through Lloyd’s, in line with its best traditions, the Trium team along with Asta has 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.”