Pelican Ventures & Asta cleared for Trium Cyber syndicate at Lloyd’s

Jim Stanard’s Pelican Ventures will launch a  Lloyd’s cyber syndicate in 2023, to be handled by third-party managing agent Asta, for which Lloyd’s “in principle” approval has just been secured.

Trium Cyber expects to write $50 million of gross premiums during its first year of operations, commencing January 2023.

Trium raided Aspen for talent. Former Aspen global head of cyber, Josh Ladeau, steps in as chief executive, and his long-time colleague, Jeff Bores, becomes chief underwriting officer and active underwriter.

Trium Cyber will also offer complementary risk management advisory services and customised real-time loss mitigation services.

Incoming Trium Cyber chief executive Josh 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 chief executive officer, 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.”

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