Hannover Re, the global reinsurance giant, has shut the Sydney operation of its underwriting agency, Argenta Underwriting Asia. The office is closing “with immediate effect,” said an Argenta media release.
“We have decided to close our Sydney office following a review of its underwriting activities,” said Nick Moore (pictured above), Argenta’s Group CEO. “The business will be transferred to our London platform and our clients will continue to receive high levels of service from our team.”
The release said this office has provided insurance covers to residents in land lease communities for more than three decades and has more than 20,000 customers.
The release said both the now defunct Sydney office and the Tuggerah agency are managed by Argenta Syndicate Management, “a Lloyd's authorised managing agency, housing the Argenta Group's underwriting operations.”
The Syndicate has a total underwriting capacity for 2024, said the release, of more than $1.5 billion (800 million pounds sterling).
