Cedar Trace Underwriting has received in-principle approval from the Lloyd’s Council for a new syndicate that will begin to write a diversified reinsurance portfolio as well as a delegated direct insurance portfolio from the beginning of 2027. Asta will provide managing agency and associated services to the new syndicate.

Richard Holden, chief underwriting officer at management company Cedar Trace will lead the new syndicate. Cedar Trace has close ties with Mereo Insurance Ltd, which is led by Lloyd’s veteran David Croom-Johnson, who will also serve as executive chairman of the new syndicate.

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.”

Lorraine Harfitt, CEO, 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.”