Trium Cyber syndicate gets green light from Lloyd’s

Asta-managed Trium Cyber, headed by Josh Ladeau, to start underwriting January 1, 2023

Asta-managed cyber syndicate Trium Cyber has received ‘in principle’ approval from Lloyd’s.

The syndicate 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. 

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.”

He added that Lloyds “provides the ideal platform for Trium. Alongside the obvious advantages of Lloyd’s licenses 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’s chief executive, Lorraine Harfitt, said: “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,” she went on to say. “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.”