Northern Trust has been appointed to deliver asset servicing and asset management services to Mereo Insurance, the reinsurance company that began operations in the first quarter of 2025.
Under the agreement, Northern Trust Asset Servicing will handle custody and institutional brokerage functions for Mereo, including acting as broker for the firm’s trade execution activities.
In addition, Northern Trust Asset Management will manage part of Mereo’s fixed income portfolio and provide cash sweep solutions.
Mereo Insurance, based in Hamilton, Bermuda, underwrites property, casualty, and specialty lines. The firm participates in both proportional and non-proportional reinsurance structures.
“Our relationship with Mereo is a great example of Northern Trust's collaborative approach,” said Chris Dvorak, head of insurance solutions at Northern Trust. “We take pride in offering a complete solution with asset servicing and asset management capabilities to meet our clients’ unique needs. Our experience and knowledge of the unique needs of insurance companies helps us build strong relationships that last, and we're excited to work with Mereo and be part of this journey together.”
Lyenda Delp, executive vice president and head of the global institutional client group at Northern Trust Asset Management, said that the firm provides an integrated platform for institutional clients.
“Northern Trust Asset Management is excited to help Mereo achieve their investment objectives, offering an integrated platform that combines investment insight, liquidity management, operational infrastructure, and data strategy – all tailored for their needs.”
Mereo’s Bermuda base remains central to its operations. Bermuda continues to be a core hub for global reinsurance, and recent regulatory updates – including corporate income tax implementation and a rise in captive insurance licenses – are reshaping the jurisdiction’s competitive landscape.
Mereo’s chief investment officer, Lawrence Minicone (pictured above), also said the company was seeking a long-term partner with experience in the insurance sector.
“When preparing for our launch, we sought a partner that could support our long-term vision, beyond our immediate requirements. With Northern Trust's significant investment in the insurance sector and its innovative approach, we believe we've found a provider that understands our business and can support us as we grow.”
Mereo’s capital structure was bolstered earlier this year through an investment by The Andover Companies. The strategic backing enabled Mereo to build underwriting capacity across 25 lines of reinsurance, spanning property, casualty, and specialty segments.
Mereo Advisors Group, which supports Mereo Insurance, also recently underwent a rebrand to Cedar Trace. Despite the name change, the firm maintained its leadership and operational continuity, as well as its A- rating from AM Best.
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