Trium Cyber syndicate 1322 has been given final approval by Lloyd’s.
The third-party managing agent Asta said that the risk carrier had received permission to commence underwriting business on or after 1 January.
It said that Trium Cyber plans to write $50m of gross premiums during its first year. All business will be exclusively written through a binding authority with Trium’s US-domiciled services company, Trium Cyber US Services.
Back in September, Reinsurance News reported that Trium Cyber had received ‘in principle’ approval by Lloyd’s.
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.
Trium Cyber’s executive team includes former Aspen global head of cyber, Josh Ladeau, as chief executive, and Jeff Bores, as chief underwriting officer and active underwriter of syndicate 1322.
Together, the pair have a successful track record of underwriting leadership with demonstrable technical/security acumen and strong historical performance in the evolving cyber class, which experience they now bring to Trium Cyber.