Cedar Trace to enter Lloyd’s market with $300m syndicate

Cedar Trace Underwriting plans to enter the Lloyd’s market with a new $300 million syndicate for the 2027 underwriting year, adding capacity as it expands its Bermuda-based platform.

The syndicate has received in-principle approval from the Lloyd’s Council and will write a diversified reinsurance portfolio alongside delegated direct insurance business.

Led by chief underwriting officer Richard Holden, the syndicate will be backed predominantly by 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 industry veteran Brian Duperreault. It is closely affiliated with Bermuda-based reinsurer Mereo Insurance, led by David Croom-Johnson, who will serve as executive chairman of the new syndicate.

The move follows significant growth in Bermuda, with Duperreault saying Cedar Trace’s platforms have grown to more than $1 billion of gross written premium in 2026.

“We are excited to bring our experienced and talented team to Lloyd’s and bring new relationships, new business and new capital to the market,” he said. “We have built out our Bermuda platforms to more than $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 capital and licensing advantages would allow Cedar Trace to broaden its offering to existing reinsurance relationships while bringing new delegated coverholders into the market. “Lloyd’s is obviously a market David and I know extremely well,” he said.

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