Business Moves: HDI Global UK & Ireland Secures Approval Toward New Syndicate; Cedar Trace to Launch $300M Lloyd’s Syndicate for 2027

HDI Global UK & Ireland (HDI) said it received approval in principle from Lloyd’s to establish a new Lloyd’s syndicate, marking a significant milestone in the implementation of the firm’s wider Xcelerate29 strategy.

The approval in principle enables HDI to continue progressing through the remaining regulatory and operational stages required ahead of obtaining permission to underwrite, which is due in the coming months.

The new syndicate will complement HDI Global’s existing insurance platforms and global reach, enhancing client choice through access to Lloyd’s global licenses, infrastructure and market capabilities.

The syndicate will be launched and managed in partnership with PoloWorks, whose infrastructure and Lloyd’s market expertise will support its successful establishment and ongoing operation.

“Establishing a syndicate will enable us to offer greater choice to clients and brokers, broaden our market reach and create additional opportunities for sustainable growth.” said Simon Hunt, chief executive officer, HDI Global UK & Ireland. “While further steps remain before underwriting can commence, this approval represents a significant moment in our journey and we look forward to continuing our close collaboration with Lloyd’s, PoloWorks and our wider stakeholders.”

Cedar Trace to Launch $300M Lloyd’s Syndicate for 2027

Cedar Trace Underwriting announced its entry into the Lloyd’s market with a new $300 million syndicate for the 2027 underwriting year, following in-principle approval from the Lloyd’s Council at its meeting on 2nd September.

The syndicate will write a diversified reinsurance portfolio alongside a delegated direct insurance portfolio, marking a significant expansion of Cedar Trace’s existing Bermuda-based reinsurance and asset management platform into the Lloyd’s market. Capital supporting the new syndicate is expected to come predominantly from existing shareholders of Mereo Insurance as well as investors supporting Cedar Trace Capital Management’s ILS funds. T

The syndicate, to be led by Cedar Trace CUO Richard Holden, will operate under a third party service agreement, with Asta providing managing agency and associated services.

Cedar Trace is the management company established in 2024 and led by Brian Duperreault. Cedar Trace is closely affiliated with Mereo Insurance Ltd, the Bermuda-based reinsurance company led by Lloyd’s veteran David Croom-Johnson, who will serve as executive chairman of the new syndicate.

“We have built out our Bermuda platforms to over $1 billion of GWP in 2026 and entry into Lloyd’s in 2027 is a natural next step in scaling our ambitions,” said Duperreault.