Argenta Underwriting Asia (AUA) has announced that it will cease writing new and renewal business in Singapore, effective immediately.
The move came after a strategic review of the business, which is being written through the Singapore coverholder by Lloyd’s managing agency Argenta Syndicate Management Limited (ASML).
According to Argenta, the ASML board recently decided to reallocate capacity to other underwriting opportunities worldwide, including AUA’s branch offices in Australia, which will not be affected by the closure of the Singapore business. Argenta will restructure its Australian operations to report directly to its London headquarters, pending approvals from relevant regulators and Lloyd’s.
“We will run off the existing Singapore risks in an orderly fashion, working closely with our various stakeholders, including Lloyd’s Asia and all of our regional customers and supporting brokers,” said AUA’s principal officer Scott Sykes. “To the extent that it fits within our wider risk appetite, certain regional business may be written through our Sydney branch in the future or repatriated to Syndicate 2121 in London.”
In 2019, Argenta exited the Lloyd’s China platform, saying it would “simplify its operations”.
“I am naturally disappointed that current underwriting conditions do not offer us the opportunity to build upon what we have achieved to date in Singapore, in respect of the direct business available to us,” said Andrew Annandale, Argenta group CEO. “We must focus our capacity on those areas of our business where rates and conditions continue to strengthen. I would like to take this opportunity to thank all of our Singapore stakeholders, including our loyal team members, for their unswerving support over the last 13 years – the local leadership team will do all that it can to minimise the impact that this strategic change will have.”
