Two senior executives formerly with Bermudian-based Aspen Insurance are leading the newest syndicate at Lloyd’s.

Josh Ladeau is the chief executive of Trium Cyber, syndicate 1322, the new risk carrier backed by Jim Stanard’s Pelican Ventures and managed by Asta, the leading third-party managing agent at Lloyd's.

He is joined in the new venture by Jeff Bores, who is acting chief underwriting officer and active underwriter.

Mr Ladeau is a former global head of cyber at Aspen, while Mr Bores served as senior vice-president, US cyber practice.

Earlier, both joined Aspen from cyber roles at Bermudian-headquartered Allied World Assurance Company.

Trium provides cyber and technology errors and omissions insurance coverage for US-domiciled risks.

All business will be exclusively written through a binding authority with Trium’s US-domiciled services company.

It expects to write $50 million of gross premiums in its first year of operation, which commenced this month.

In addition to coverage, Trium is establishing the provision of complementary risk management advisory services and customised real-time loss mitigation services to drive rapid claims decisions and favourable loss outcomes to support its growth aspirations.

Upon receiving final approval from Lloyd’s, Mr Ladeau said: “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.”

He added: “Lloyd’s provides the ideal platform for Trium. Alongside the obvious advantages of Lloyd’s licenses 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.”

This week, Mr Ladeau told specialty website Reinsurance News: “Beyond providing high quality insurance products and claims response, we want to raise the cyber security bar for US-domiciled businesses -- much in the way Hartford Steamboiler helped to dramatically improve the safe operation of steamboilers at the turn of the last century.

“We bring cyber underwriting leadership with consistent and proven performance over 15 years. Underpinning that success is differentiated technical acumen and a proprietary view of cyber-risk.”

Addressing the current state of the cyber insurance market, Mr Ladeau said: “While there are no certainties in cyber today, I personally feel it may ultimately be the most ‘underwrite-able’ line of business; it’s a wholly man-made peril and therefore, to a great extent, learnable and predictable.

“Contrasting that with property insurance, and despite all the data and modelling, we can’t accurately predict the weather or stop a tornado. With cyber, attacks can be prevented and/or stopped. There is a degree of control in cyber that doesn’t exist elsewhere, and that gives me confidence that it can be written sustainably.

“That said, we’re a long way from having it figured out as an industry and there is mixed reaction among carriers; some have pulled back, but others have entered the space. I think as policy language is refined and we’re able to remove some of the large, systemic loss exposure, both insurers and reinsurers will regain full confidence in the line.”

Mr Ladeau added: “The market is still growing but ultimately it will be a line measured in the tens of billions of gross written premiums.

“Trium targets only risks that have made material, appropriate investment in their security posture, which is a minority of US businesses today.

“With that in mind, I think we can reasonably target $500 million in GWP over the next several years.”