Third party managing agent Asta has received a significant boost after it gained “in principle” approval to establish and manage the Verto Quota Share Syndicate 2689.
Approval has been granted by the Lloyd’s Franchise Board with plans for the syndicate to underwrite proportional reinsurance of Lloyd’s syndicates and related parties attaching from January 01, 2017.
The new syndicate is 100% capitalised by private and institutional investors advised by Hampden Agencies, which represents more than 50% of private capital at Lloyd’s and will operate via an innovative structure that allows private capital a more flexible and commercial way to participate at Lloyd’s than has been previously available.
“It is a privilege to be working with Hampden Capital on this pioneering syndicate that marks a real step change in the way private capital is able to access the market, said Asta CEO Julian Tighe. “Asta’s track record of launching underwriting businesses, combined with our expertise and best practice approach, means Verto Syndicate 2689 and its private investors will have all the necessary support and management needed to succeed.”
“Verto Syndicate 2689 is an important strategic initiative by Hampden to broaden access to underwriting opportunities for Hampden’s clients,” added Hampden Agencies CEO Neil Smith. “The new syndicate transforms the provision of private capital by expanding the range of options to include the Verto syndicate which will underwrite a diversified portfolio of proportional reinsurance contracts. We believe that Syndicate 2689 is a natural evolution of how Hampden supplies capital to the Lloyd’s market and will be attractive to syndicates not previously supported by private capital.”
Peter Mills will be the syndicate’s active underwriter. He has more than 30 years of industry experience and successful track record. He was most recently head of Global Specialty Reinsurance & EMEA P&C for Endurance Re in Switzerland. Previously he held senior roles at respected industry businesses including Tokio Millennium Re, Cologne Re and XL.
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