3 April 2018Insurance

Argenta launches Lloyd's SPA with Hannover Re backing

Argenta Holdings is establishing a special purpose arrangement (SPA) in conjunction with its parent company Hannover Re after it received approval from the Lloyd’s franchise board.

Argenta Syndicate Management (ASML), the managing agency subsidiary of Argenta is establishing SPA 6134 which will be managed alongside Syndicate 2121.

The SPA will be sponsored and capitalised by Hannover Re. It will be a quota share facility reinsuring business written by Syndicate 2121, which will operate as the host syndicate for the SPA and will retain at least 10 percent of the business introduced by the sponsor.

For 2018 the SPA is targeting gross written premium income of £36 million across various classes of business within the underwriting capability of the host syndicate.

Andrew Annandale, chief executive of Argenta, commented: “SPA 6134 will provide ASML with greater flexibility to react to changing market conditions and allow Syndicate 2121 to take advantage of new opportunities following Argenta’s acquisition by Hannover Re and the very significant losses experienced by the market during 2017.”

Hannover Re reached an agreement in March 2017 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.

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

XL, Everest, Liberty complete $1bn reinsurance deal with EXIM Bank

Reinsurance earnings reach lowest level since 2005

Lloyd’s Market Association makes new board appointments for 2018

XL Catlin unveils new appointments in global life, A&H

McLarens Aviation targets European expansion

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
11 May 2018   Talanx group units Hannover Re and HDI Global are merging their specialty activities in a new joint venture in order to capture global growth and high-margin specialty business.