Trium, a cyber and property catastrophe underwriter at Lloyd’s of London, has announced its 2024 financial results, reporting a combined ratio of 71.8%.

Its “remarkable” performance makes Trium the fifth-best performing syndicate overall within the Lloyd’s market and the leading performer in the class of 2023.

In 2023 Trium launched as the first ever Lloyds-approved mono-line Cyber syndicate, providing coverage to US-domiciled risks.

As a whole, the Lloyd’s market delivered a combined ratio of 86.9% in 2024, with fourteen syndicates, most of them startups, reporting combined ratios of over 100%.

Hanna Metsanvirta, Active Underwriter of Syndicate 1322, said: “Our 2024 underwriting result is due to the calibre of our underwriting teams and innovative use of technology in the face of last year’s challenging market conditions. We maintained the utmost underwriting discipline and strict adherence to our strategy.”

Trium Cyber distinguishes itself as the industry’s first Lloyd’s-approved service company managing general agent (MGA) dedicated to providing monoline cyber coverage.

The MGA leverages its proprietary underwriting methodology and advanced claims platform. In addition to underwriting, Trium Cyber also provides clients access to cyber risk management and real-time loss mitigation services.

A strong advocate for artificial intelligence and interdisciplinary collaboration, Trium Cyber continuously enhance its innovative underwriting and risk assessment platform, alongside enhancing process efficiencies.

In 2024 Trium created two Cyber Consortiums led by syndicate 1322 with additional follow capacity provided by other underwriters at Lloyd’s. Trium now offers $15 million in primary and excess capacity, broad coverage and a wide range of endorsements.

Resulting of strict underwriting discipline, Trium’s performance has also demonstrated an aptitude for innovation and technical expertise.

Forecasting difficult marketing conditions for the cyber market in 2023, Trium launched property division headed by Chief Underwriting Officer Brandon Beauregard, an experienced E&S underwriter. The division is now planning to grow GWP to $100 million in 2025.

Deploying a proprietary view-of-catastrophe-risk model and a technology-enabled underwriting approach developed in collaboration with Chief Risk Officer Sid Virkud, Trium’s property team delivered remarkable first-year results despite an active 2024 hurricane season, the firm noted.

“Our remarkable success as a new market entrant is a testament to the unwavering support and trust of our clients. Their confidence in our innovative approach and underwriting expertise has been the cornerstone of our achievements,” said Beauregard.

Adding: “By leveraging cutting-edge technology and pioneering methodologies, we have been able to deliver exceptional value and service. We are deeply grateful for our clients’ partnership and look forward to continuing to drive innovation in the industry.”

Trium Cyber and Property MGAs underwrite on behalf of Lloyd’s Syndicate 1322, with backing from Pelican Ventures and other third-party capital providers.

The post Tech & underwriting drove Trium’s “remarkable” ’24 CoR appeared first on ReinsuranceNe.ws.