There has been some significant movement in the Lloyd’s market today after Hannover Re revealed it has acquired Argenta.
In an announcement made just a short time ago, the owner of Lloyd’s managing agent Argenta Syndicate Management Limited and Lloyd’s members’ agent, Argenta Private Capital Limited, which also manages Lloyd’s Syndicate 2121, with a stamp capacity for 2017 of £300 million, revealed that it had agreed to dispose of its entire share capital to the world’s third largest reinsurer.
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Argenta currently supplies almost £1.8 billion of investor capacity to the Lloyd’s market with its Syndicate 2121 focusing on short-tail property business and specialty lines. During 2016 it had gross written premium of £280 million with Hannover Re now able to boost its growth strategy according to Argenta’s chairman Alasdair Locke.
“We are delighted to have reached agreement to become part of such a strong and well-respected reinsurance group,” he said.
“Hannover Re has been a valued business partner of Syndicate 2121 for many years, both as a reinsurer and capital provider and we believe that this transaction is in the best interests of Argenta, its customers and its staff.”
“We… have found an ideal partner for the London Market in Argenta,” continued Ulrich Wallin, CEO of Hannover Re. “We have been familiar with Syndicate 2121 and its reliable and successful staff for many years now. It is therefore in Hannover Re’s interest that the experienced team continues to pursue its winning strategy.”
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