Cedar Trace plans $300 million Lloyd’s syndicate

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

Led by chief underwriting officer Richard Holden, the syndicate will write a diversified reinsurance portfolio alongside delegated direct insurance business. Asta will provide managing agency and related services under a turnkey agreement.

Capital is expected to come primarily from existing shareholders of Mereo Insurance and investors in Cedar Trace Capital Management’s insurance-linked securities funds.

Cedar Trace was established in 2024 and is led by insurance veteran Brian Duperreault. The company is closely affiliated with Bermuda-based reinsurer Mereo, led by David Croom-Johnson, who will serve as executive chairman of the new syndicate.

Cedar Trace’s Bermuda platforms are expected to generate more than $1 billion in gross written premium in 2026. The Lloyd’s operation will provide additional underwriting capacity, licensing and access to the market’s distribution network.

“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.” – Duperreault.