Argenta has said that it is to cease writing new and renewal business in Singapore with immediate effect.
The firm said that the decision followed a strategic review and a decision by the Argenta Syndicate Management 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.
Andrew Annandale, group CEO of Argenta, said: “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. We must focus our capacity on those areas of our business where rates and conditions continue to strengthen.”
He added: “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 thirteen years – the local leadership team will do all that it can to minimise the impact that this strategic change will have.”
This is not the only market that Argenta has pulled back from in the last year. In December, it announced that it was to cease underwriting all new and renewal business relating to the Lloyd’s China platform, a decision that came into immediate effect.
The firm said at the time that it would work with the platform to continue servicing existing business, and ensure that the run-off is conducted in an effective and orderly manner. Meanwhile, Annandale is set to retire from the firm at the end of this year, and will in turn be succeeded by Nick Moore, the firm’s current deputy managing director and chief actuary.
Argenta Syndicate Management Ltd, a Lloyd’s authorised managing agency, houses the Argenta Group’s underwriting operations, Argenta Syndicate 2121 and SPA 6134. 2121 and 6134 have combined capacity for 2022 of £757 million 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 Reinsurance giant, Hannover Re, is the parent company of AUA, ASML and of Argenta Private Capital Limited, which provides investor capacity to the Lloyd’s market of £3.2 billion for 2022.
