Argenta creates Singapore service company

Argenta Holdings has formed of a Singapore-based service company, Argenta Underwriting Asia Pte Ltd (AUA), under the Lloyd’s Asia Scheme, which will act as a regional coverholder for Syndicate 2121.

Argenta chief executive, Andrew Annandale, said: “The creation of a local underwriting presence for Argenta in Singapore is a major step forward for Syndicate 2121 and for the group internationally. We recognise the importance of having a local hub in Asia as we seek in the future to diversify and expand the Syndicate’s underwriting base both geographically and in terms of business classes written”.

In addition, AUA has also assumed, by way of a binding authority agreement, responsibility for underwriting business on behalf of Singapore-based Lloyd’s Syndicate 1965.

Syndicate 1965’s underwriting was previously undertaken by local service company, Asian Marine Syndicate 1965 Pte Ltd (AMS), a wholly-owned subsidiary of the Syndicate’s ultimate capital provider, ACAL Holdings Pte Ltd.

As part of the transfer of coverholder responsibilities, Paul Hunt, director of underwriting at Argenta Syndicate Management Ltd and Active Underwriter of Syndicate 2121, will also become the active underwriter for Syndicate 1965 in the short term, replacing Richard Yeo who has resigned with immediate effect. All other AMS staff will be transferring to AUA in their current roles.