Cedar Trace Underwriting receives Lloyd’s approval for $300m syndicate

Cedar Trace Underwriting has received in-principle approval from the Lloyd’s Council to launch a new $300 million syndicate for the 2027 underwriting year. Led by Chief Underwriting Officer Richard Holden, the syndicate will manage a diversified reinsurance portfolio and a delegated direct insurance portfolio.

The move represents an expansion of the Bermuda-based reinsurance and asset management platform into the Lloyd’s market. Capital for the syndicate is expected to originate primarily from existing shareholders of Mereo Insurance and investors in Cedar Trace Capital Management’s ILS funds. The syndicate will operate under a third-party service agreement with Asta providing managing agency services. David Croom-Johnson, executive chairman of Mereo Insurance, will serve as the executive chairman of the new syndicate.