Argenta Syndicate Management Ltd. (ASML), a subsidiary of Argenta Holdings Ltd., announced it will cease underwriting all new and renewal business relating to the Lloyd’s China platform (LICCL) immediately and put the operation into run-off.

ASML will work with LICCL to continue servicing the existing business written and ensure that the run-off is conducted in an orderly fashion.

“The decision to withdraw our support from the Lloyd’s China platform has not been taken lightly and will enable us to simplify operations and focus on the development of our London underwriting base and other international platforms,” commented Andrew Annandale, managing director of ASML and chief executive officer of ASML’s parent, Argenta Holdings Ltd.

“I would like to put on record my sincere thanks for the hard work and professionalism shown by Argenta’s underwriting division staff within LICCL during the past six years against a backdrop of challenging market conditions.”

Argenta Syndicate Management Ltd., a Lloyd’s authorized managing agency, houses the Argenta Group’s underwriting operations, Argenta Syndicate 2121 and SPA 6134. These syndicates have forecast combined capacity for 2022 of £757 million, split between property both direct (including power/utilities and UK commercial combined) and treaty; all marine classes; terrorism; casualty; and political risks.

Source: Argenta Syndicate Management Ltd.

*This story ran previously in our sister publication Insurance Journal.