Argenta Ceases Underwriting New and Renewal Business in Singapore
Argenta Underwriting Asia Pte Ltd (AUA) announced that it will cease writing new and renewal business in Singapore with immediate effect. This decision follows a strategic review of the business written through the Singapore coverholder by Lloyd’s managing agency, Argenta Syndicate Management Ltd. (ASML).
This change follows a decision by the ASML board to re-allocate capacity to other underwriting opportunities worldwide, including AUA’s branch offices in Australia which are unaffected by the decision in respect of the Singapore business.
In due course, it is expected that Argenta’s Australian operations will be restructured to report directly into its London headquarters subject to all necessary regulatory and Lloyd’s approvals.
In December 2021, ASML announced it ceased underwriting all new and renewal business relating to the Lloyd’s China platform.
“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,” commented 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.”
“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 Argenta’s Group CEO Andrew Annandale.
“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,” Annandale continued.
ASML, which is a Lloyd’s authorized managing agency, houses the Argenta Group’s underwriting operations, Argenta Syndicate 2121 and SPA 6134, which have a combined capacity for 2022 of £757 million. Business is split between: property both direct (including power/utilities and UK commercial combined) and treaty; energy and marine; terrorism; casualty, and political risks. Hannover Re supports 100% of the capacity of SPA 6134.
Argenta Holdings Ltd., a wholly owned subsidiary of Hannover Re is the parent company of AUA, ASML and of Argenta Private Capital Ltd., which provides investor capacity to the Lloyd’s market of £3.2 billion for 2022.
Source: Argenta Holdings
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