Following in-principle approval from the Lloyd’s Council, Cedar Trace Underwriting has entered the Lloyd’s market with a new $300m syndicate for the 2027 underwriting year, to be led by CUO Richard Holden.
According to the firm, the syndicate will write a diversified reinsurance portfolio alongside a delegated direct insurance portfolio, marking a significant expansion of its existing Bermuda-based reinsurance and asset management platform into the Lloyd’s market.
Cedar Trace explained that capital supporting the new syndicate is expected to come predominantly from existing shareholders of Mereo Insurance as well as investors supporting Cedar Trace Capital Management’s ILS funds.
“The syndicate will operate under a third-party service agreement, with Asta providing managing agency and associated services,” the firm added.
As a reminder, Cedar Trace is the management firm established in 2024. It is closely affiliated with Mereo Insurance, the Bermuda-based reinsurance firm led by Lloyd’s veteran David Croom-Johnson, who will serve as executive chairman of the new syndicate.
The launch of said syndicate is expected to give Cedar Trace an additional source of underwriting capacity and access to Lloyd’s distribution that complements and adds scale to the existing Bermuda platform.
Brian Duperreault, Executive Chairman of Cedar Trace, commented, “We are excited to be able to bring our experienced and talented team to Lloyd’s and to bring new relationships, new business and new capital to the market.
“We have built out our Bermuda platforms to over $1bn of GWP in 2026 and entry into Lloyd’s in 2027 is a natural next step in scaling our ambitions. I would like to thank the team for getting us this far and in particular, Fergus Reynolds, one of our partners, for his outstanding contribution.”
Holden said, “Lloyd’s is obviously a market that David and I know extremely well and the capital and licensing advantages that it brings allow us to expand our offerings to our existing reinsurance relationships and to bring new delegated coverholders to the market.”
Lorraine Harfitt, CEO, Asta, added, “We are delighted to support Cedar Trace as it establishes its Lloyd’s platform. The strength of the team, combined with its innovative approach to capital and underwriting, makes this an exciting addition to the market.”
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