Verto Syndicate 2689 is set to begin writing business in 2018 with a stamp capacity of £115mn after receiving approval of its 2018 business plan.

The news came as Hampden announced that it had reconsidered the terms of participation for 2018 on Syndicate 2689 and that it had agreed with Asta and Lloyd's that all Hampden Members' capacity will be freehold for 2018, which will make its syndicate capacity tradable in next year's auctions.

Verto's business plan for 2018 has been approved as submitted with capacity of £115mn and an Economic Capital Assessment (ECA) of 92.4 percent which represents a reduction from the mid-year ECA of 136.5 percent meaning that the pre-emption can be taken up in full with a 42 percent average increase in ECA as part of a diversified portfolio.

“We welcome the change to freehold capacity for 2018,” remarked Hampden.

“This is always our preferred option at Hampden in any event when we look at potential new syndicates. The reduction in ECA is also welcome for enabling take up of capacity offered by the pre-emption,” the firm added.