German reinsurance firm Hannover Re has announced the completion of its acquisition of Lloyd’s of London focused player Argenta Holdings Limited, which gives the reinsurer a ready-made syndicate and Lloyd’s private capital manager.
The acquisition, which was completed yesterday and is effective today, sees Hannover Re gain a Lloyd’s syndicate manager in Argenta Syndicate Management, a private capital manager that helps investors access the Lloyd’s market in Argenta Private Capital, and also a pro-rata share of Lloyd’s syndicate Argenta Syndicate 2121.
The acquisition had originally been announced in March, and Ulrich Wallin, CEO of Hannover Re, said at the time that the reinsurer had been “Interested in a Lloyd’s syndicate with a view to gaining additional access to international and London Market business.”
Sure enough, this morning Hannover Re has hailed the fact that this acquisition of Argenta provides it with “additional access to international and London Market business while at the same time supporting Argenta in its future growth strategy.”
Lloyd’s Syndicate 2121 had underwritten gross premium of GBP 280 million for the 2016 financial year. It will be interesting to see how that can expand with the new backing of Hannover Re.