Hannover Re has agreed to acquire the UK holding company Argenta Holdings plc, which owns Argenta Syndicate Management and Argenta Private Capital as well as a pro rata share of the Lloyd’s syndicate Argenta Syndicate 2121.
Hannover Re has been a business partner of Syndicate 2121 for many years, both as a reinsurer and capital provider. The syndicate focuses on short-tail property business and specialty lines. In the 2016 financial year Syndicate 2121 booked gross premium of GBP 280 million, according to the announcement.
The purchase price was not disclosed. The transaction is expected to close in the third quarter 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.
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