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Press Release - Argenta acquired by Hannover Re
The shareholders of Argenta Holdings plc (“Argenta”) have reached agreement to dispose of the entire share capital of the company to Hannover Re. Argenta owns Lloyd’s managing agent Argenta Syndicate Management Limited (“ASML”) and Lloyd’s members’ agent, Argenta Private Capital Limited (“APCL”). ASML manages Lloyd’s Syndicate 2121 which has a stamp capacity for 2017 of £300 million. APCL currently supplies almost £1.8 billion of investor capacity to the Lloyd’s market. Hannover Re, with gross premium of EUR 16.4 billion, is the third-largest reinsurer in the world.
Syndicate 2121 focuses on short-tail property business and specialty lines. Thanks to the diversified book of business written by the syndicate, the profit contributions made by the service companies and the expertise of the seasoned team of staff, Argenta has generated very good results in recent years.
In the 2016 financial year Syndicate 2121 booked gross written premium of £280 million and Hannover Re intends to support Argenta on its future growth strategy.
Alasdair Locke, Chairman of Argenta commented, “We are delighted to have reached agreement to become part of such a strong and well-respected reinsurance group. 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 are delighted to have found an ideal partner for the London Market in Argenta. 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," stated Ulrich Wallin, CEO of Hannover Re.
The transaction is expected to close in the third quarter subject to all necessary approvals.
Alasdair Locke/Andrew Annandale Argenta Holdings plc + 44 (0)20 7825 7200
David Haggie/Samantha Whiteley Haggie Partners + 44 (0)20 7562 4444
Notes to Editors:
Argenta Syndicate Management Limited, a Lloyd's authorised managing agency, houses the Group's own underwriting operation, Argenta Syndicate 2121. Syndicate 2121 has an underwriting capacity of £300 million for 2017 split between Property both Direct (including Power/Utilities and UK Commercial Combined) and Treaty, All Marine Classes, Terrorism, Casualty, Accident & Health and Political Risks.
Argenta Holdings plc is the parent company of ASML and also of Argenta Private Capital Limited, which provides investor capacity to the Lloyd’s market of almost £1.8 billion.