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 expects to write $50m of gross premiums during its first year of operations, commencing January 2023.
Its 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.
The pair will bring a successful track record of underwriting leadership with strong historical performance in the evolving Cyber class, says Trium Cyber.
In addition to coverage, the company is establishing the provision of risk management advisory and real-time loss mitigation services. It states that this will drive rapid claims decisions and favourable loss outcomes to support the company’s growth aspirations.
Ladeau commented, “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 CEO, 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.”
