21 October 2016 Insurance

Former Endurance Re exec to run Asta’s new syndicate

Asta, a managing agent at Lloyd’s, has received "in principle" approval from the Lloyd’s Franchise Board to establish and manage Verto Quota Share Syndicate 2689.

The syndicate’s active underwriter will be Peter Mills, most recently head of global specialty reinsurance and Europe Middle East and Africa (EMEA) property/casualty for Endurance Re in Switzerland.

Prior to Endurance Re, he held senior roles at respected industry businesses including Tokio Millennium Re, Cologne Re and XL.

Initially, Verto Syndicate 2689 plans to underwrite proportional reinsurance of Lloyd’s syndicates and related parties from January 1, 2017.

The new syndicate is 100 percent capitalised by private and institutional investors advised by Hampden Agencies, which represents more than 50 percent of private capital at Lloyd’s. It said it 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 Julian Tighe, CEO of Asta.

“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.”

Neil Smith, CEO of Hampden Agencies, 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.”

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