Argenta Holdings yesterday announced that the Sydney office of its service company, Argenta Underwriting Asia, which operates on the Lloyd's Australia platform, will close with immediate effect.
This follows a review of the Group’s underwriting activities in Australia. The business currently underwritten in Sydney, as well as future business, will be managed from London.
MHIA, Argenta's other Australian office located in Tuggerah, New South Wales, which has been providing insurance coverage to residents in land lease communities for more than three decades, with a customer base of over 20,000 across Australia, will not be affected and will continue to be an important part of the Argenta Group.
Argenta group CEO Nick Moore said in a statement, “We have decided to close our Sydney office following a review of its underwriting activities. We are very grateful for the efforts of the team in Sydney. The business will be transferred to our London platform and our clients will continue to receive high levels of service from our team.”
Argenta Holdings, a subsidiary of Hannover Re, is the parent company of Argenta Syndicate Management and of Argenta Private Capital, which provides investor capacity to the Lloyd’s market of GBP4.3bn ($5.5bn) for 2024.
Argenta Underwriting Australia was established in 2015 as a branch of Argenta’s Singapore-based subsidiary, Argenta Underwriting Asia. Located on the Lloyd’s Sydney platform, AUA operates as an approved coverholder for Argenta's Lloyd's Syndicate 2121.
Argenta Syndicate Management is a Lloyd's authorised managing agency, housing the Argenta Group's underwriting operations, Argenta Syndicate 2121 and SPA 6134. Syndicate 2121 has total underwriting capacity for 2024 of GBP800m split among Property both Direct (including Power/Utilities) and Treaty; Energy and Marine; Terrorism; Casualty (including Financial Lines) and Political Risks. Hannover Re supports 100% of the GBP133m underwriting capacity of SPA 6134 which provides quota share reinsurance to Syndicate 2121 as the host syndicate.