Argenta Underwriting Asia Pte Ltd (“AUA”) announces that it will cease writing new and renewal business in Singapore with immediate effect. This decision follows a strategic review of that business written through the Singapore coverholder by Lloyd’s Managing Agency, Argenta Syndicate Management Limited (“ASML”).
This change follows a decision by the ASML Board to re-allocate capacity to other underwriting opportunities worldwide, including AUA’s branch offices in Australia which are unaffected by the decision in respect of the Singapore business. In due course, it is expected that Argenta’s Australian operations will be re-structured to report directly into its London headquarters subject to all necessary regulatory and Lloyd’s approvals.
AUA’s Principal Officer, Scott Sykes, commented: “We will run off the existing Singapore risks in an orderly fashion, working closely with our various stakeholders including Lloyd’s Asia and all of our regional customers and supporting brokers. To the extent that it fits within our wider risk appetite certain regional business may be written through our Sydney branch in the future or repatriated to Syndicate 2121 in London.”
Argenta’s Group CEO, Andrew Annandale added: “I am naturally disappointed that current underwriting conditions do not offer us the opportunity to build upon what we have achieved to date in Singapore in respect of the direct business available to us. We must focus our capacity on those areas of our business where rates and conditions continue to strengthen. I would like to take this opportunity to thank all of our Singapore stakeholders, including our loyal team members, for their unswerving support over the last thirteen years – the local leadership team will do all that it can to minimise the impact that this strategic change will have”.