Mereo Insurance Ltd has started underwriting excess casualty energy policies acquired through a renewal rights transaction with Everen Specialty Ltd. It is the latest step in the Bermuda insurer's expansion into speciality casualty business.

The insurer said the first policies under the portfolio were written on June 1 following the transaction between ESL and Cedar Trace, the re/insurance and asset management group aligned with Mereo.

As part of the deal, the underwriting team and systems supporting the portfolio have transferred to Cedar Trace. The unit is being led by Carla Greaves, former chief underwriting officer of ESL.

Ms Greaves said the move would provide continuity for existing policyholders and brokers. A third-party administrator arrangement with ESL will also maintain continuity of claims handling services.

David Croom-Johnson, chief executive of Mereo and a partner at Cedar Trace, said the transaction supported the company's ambition to become a leading global insurance and reinsurance business while expanding its primary insurance operations.

The development follows Mereo's announcement in May that it had acquired renewal rights to ESL’s excess casualty energy portfolio and would begin underwriting the business from June 1.

Mereo is one of Bermuda's newer re/insurance market entrants. The company launched in 2025 with backing from a group of investors and is chaired by industry veteran Brian Duperreault.

The transaction gives Mereo an established book of speciality casualty business and underwriting team as it broadens beyond traditional reinsurance lines.

Everen Group, also based in Bermuda, provides insurance products to the global energy industry through Everen and ESL.