Hannover Re signs deal to buy Argenta

Hannover Re has signed an agreement to acquire Argenta, which owns Lloyd’s managing agent Argenta Syndicate Management and Argenta Private Capital. Hannover Re will also obtain a pro rata share of the Lloyd's Syndicate 2121. The deal is expected to close in the third quarter of 2017 subject to all necessary approvals. Ulrich Wallin, chief executive officer of Hannover Re said, "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". The syndicate 2121 focuses on short-tail property business and specialty lines. In 2016 it booked gross premiums of £280 million. Alasdair Locke, chairman of Argenta said, "We are delighted to have reached an agreement to become part of such a strong and well-respected reinsurance group. Hannover Re has been a valued business partner of Syndicate 2121 for many years, both as a reinsurer and capital provider and we believe that this transaction is in the best interests of Argenta, its customers and its staff."