Hampden Group, Beat Capital and Chord Re in consortium arrangement for Verto

Insurance service and Lloyd’s capital adviser Hampden Group today announces that its Lloyd’s syndicate, Verto 2689 managed by Asta Managing Agency, will join a reinsurance consortium underwriting arrangement for the 2020 year of account underwritten by Chord Re.

Chord Re is a reinsurance focussed service company of Beat Syndicate 4242 which offers lead and follow capacity as well as private placements over multiple classes of treaty reinsurance. Chord Re was established in November 2017 by Stefan Long and Tom Meyer, formerly of Aspen Re.

Subject to the Lloyd’s approval, for 2020, Chord Re will develop a new treaty consortium based on Verto’s existing underwriting portfolio; it will be underwritten on behalf of both Verto Syndicate 2689 and Beat Syndicate 4242.

Verto Syndicate 2689 provides capacity to insurance clients of Chord Re with the perfect combination of innovative, tailored solutions backed up by deep product knowledge, quantitative analysis and experienced judgement.

Verto Syndicate 2689 expects to partner with other market leading consortia. The objective remains to build efficient, flexible, and enduring partnerships enabling capital to access a diverse range of insurance risks in a cost-efficient manner.

Verto’s underwriting and business plan will remain unchanged for 2019 as it continues to service its clients and broker partners alike. Verto’s active underwriter, Peter Mills, will leave the business.

Stephen Harris, CEO of Hampden Group, said: “Verto gives third-party capital more underwriting choices by providing access to a variety of proportional underwriting opportunities. The three reinsurance consortia allow Verto access to the experienced underwriting team at Chord Re, making the syndicate even more attractive to investors. Syndicate 2689’s ability to flex its capacity with the underwriting cycle is enhanced, as capital can be shifted between the consortia based on market conditions.”

Stefan Long, CEO of Chord Re, added: “We are delighted to broaden our engagement with Hampden Group and this multi-year agreement will further strengthen Chord Re’s market proposition. Clients will continue to benefit from our creative risk solutions, enhanced with additional scale and product depth.”