Trium Cyber, a new risk carrier managed by Asta, the leading third-party managing agent at Lloyd’s, has received final approval from Lloyd’s of London to commence underwriting businesses on or after January 1, 2023.
Backed by Jim Stanard’s Pelican Ventures, Trium Cyber initially launched in September, and plans to underwrite $50 million of gross premiums during its first year.
“Lloyd’s provides the ideal platform for Trium,” said Josh Ladeau, chief executive officer of Trium Cyber. “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.”
Prior to Trium, Ladeau was the global head of cyber for Aspen. He is supported by Jeff Bores, as chief underwriting officer and active underwriter of syndicate 1322. The pair have a successful track record of underwriting leadership and strong historical performance in the evolving cyber class.
“The timing for the launch of Trium Cyber could not be better,” Ladeau added. “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.”
Lorraine Harfitt, chief executive officer of Asta, said Trium’s launch provides an opportunity to make “a focused play in the demanding cyber market.”
“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,” she said.
Alongside coverage, Trium Cyber is establishing the provision of complementary risk management advisory services and customized real-time loss mitigation services to drive rapid claims decisions and favorable loss outcomes.
