New syndicate will write reinsurance and delegated insurance business, adding Lloyd’s capacity and distribution to Cedar Trace’s existing Bermuda platform

Cedar Trace Underwriting plans to launch a $300m Lloyd’s syndicate for the 2027 underwriting year after receiving in-principle approval from the Lloyd’s Council.

Brian Duperreault

The syndicate will be led by Richard Holden, chief underwriting officer of Cedar Trace, and will write a diversified reinsurance portfolio alongside delegated direct insurance business.

The launch will expand Cedar Trace’s Bermuda-based reinsurance and asset management platform into Lloyd’s.

Capital is expected to come predominantly from existing shareholders of Mereo Insurance and investors supporting Cedar Trace Capital Management’s ILS funds.

Asta will provide managing agency and associated services under a third-party service agreement.

Cedar Trace was established in 2024 and is led by Brian Duperreault (pictured), industry veteran, executive chairman of AIG and a former exec at Hamilton, Ace (now Chubb) and Marsh & McLennan Companies.

The business is closely affiliated with Bermuda-based Mereo Insurance, led by David Croom-Johnson, who will become executive chairman of the new syndicate.

Duperreault said: “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.”

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.”

The launch will give Cedar Trace an additional source of underwriting capacity and access to Lloyd’s distribution alongside its existing Bermuda operations.

Lorraine Harfitt, CEO of Asta, said: “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,” she added.

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