Hannover Re snaps up Lloyd's syndicate holding Argenta
German insurer Hannover Re has reached an agreement to acquire the entire share capital of the UK holding company Argenta, which owns Lloyd’s managing agent Argenta Syndicate Management and Argenta Private Capital as well as pro rata share of the Lloyd's Syndicate 2121.
The transaction is expected to close in the third quarter of 2017 subject to all necessary approvals.
"For some time now we have been interested in a Lloyd's syndicate with a view to gaining additional access to international and London Market business. We are delighted to have found an ideal partner in Argenta," said Ulrich Wallin, chief executive officer of Hannover Re.
The syndicate 2121 focuses on short-tail property business and specialty lines. In the 2016 financial year it booked gross premium of £280 million.
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."
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