New Lloyd's syndicate to target Chinese risksReprints
Lloyd’s insurer ArgoGlobal is teaming with a Singapore-based reinsurer to launch a syndicate to cover China-based risks.
ArgoGlobal, a unit of Bermuda-based specialty insurer and reinsurer Argo Group International Holdings Ltd., and Asia Capital Reinsurance Group Pte. Ltd., Singapore, said Tuesday that they have signed an agreement to launch a special purpose syndicate at Lloyd’s to underwrite Chinese risks.
The new syndicate, which is scheduled to begin underwriting in 2016, subject to regulatory approval, will be managed by ArgoGlobal Managing Agency and will be capitalized entirely by Asia Capital Re.
Asia Capital Re has an existing portfolio of Chinese reinsurance business. Under the agreement, ArgoGlobal, through its participation in Lloyd’s China platform, will underwrite about £30 million to £35 million ($46 million to $53.7 million) in 2016, and the new syndicate will underwrite an 80% quota share of the portfolio with the remaining 20% being retained by ArgoGlobal’s existing Lloyd’s syndicate.
The portfolio will include existing facultative reinsurance and nonproportional treaty businesses including aviation and space, marine, property and engineering, casualty and trade credit, an Argo statement said.
London-based ArgoGlobal is the trading brand of syndicate 1200 at Lloyd’s, managed by Argo Managing Agency Ltd. The syndicate offers worldwide property, aerospace, marine, energy, specialty and non-U.S. liability insurance.