Asta, the leading third party managing agent at Lloyd’s, today announces it has received “in principle” approval from the Lloyd’s Franchise Board to establish and manage Verto Quota Share Syndicate 2689. Initially, Verto Syndicate 2689 plans to underwrite proportional reinsurance of Lloyd’s syndicates and related parties attaching from 1 January 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.
Peter Mills will be the syndicate’s active underwriter. He has more than 30 years of industry experience and successful track record. Mills 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.
Asta CEO Julian Tighe said: “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. 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.”
Hampden Agencies CEO, Neil Smith said: “Verto Syndicate 2689 is an important strategic initiative by Hampden to broaden access to underwriting opportunities for Hampden’s clients. 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.”
For further information, please contact:
Tel: + 44 20 7562 4444
Tel: + 44 20 7562 4444
Notes for Editors
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for nine syndicates with capacity under management in 2016 of approximately UK£1bn:
Syndicate 1686 (Axis)
Syndicate 1729 (Dale Underwriting Partners) Syndicate 1897 (Skuld), SPA 6126 Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others) Syndicate 2689 (Verto)
Syndicate 2786 (Everest)
Syndicate 4242 (ICAT), SPA 6123 (ICAT) Syndicate 5886 (Blenheim)
Asta Underwriting Management Limited (AUML) launched in 2015, making the skills, experience and capabilities behind Asta’s success as the leading third party managing agency at Lloyd’s available, for the first time, to the MGA market.
UK MGAs under management: