Argo Group member and Lloyd’s insurer ArgoGlobal said it has acquired the renewal rights for Allied World’s marine hull business in Asia. The transaction completed on August 5.
“I am very pleased that we have reached an agreement with Allied World to acquire the renewal rights for its marine hull business in Asia,” said David Lang, chief operating officer, ArgoGlobal.
“Our Asian business has grown from strength to strength and is a central pillar in our long-term strategy. We have identified clear scope to continue to develop our offering in Singapore, both in marine and across our suite of specialist products, and this transaction is an important step in maintaining our growth trajectory,” Lang continued.
Michael Garrison, SVP, head of Insurance, Allied World Asia Pacific, said: “During our acquisition of RSA’s operations in Singapore, Hong Kong and Labuan, we did an extensive evaluation of the overall Asia-Pacific portfolio and identified the marine hull book as non-core to our strategic vision for the region. As a result, we have agreed to transfer the renewal rights to ArgoGlobal.”
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.