Argenta
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The company will redeploy capacity via other operations including its Australian branches. -
The increase comes amid improvements in the rating environment, a weaker sterling and the impact of inflation on insured values.
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The departing CEO has led the business since 2006, including through its acquisition by Hannover Re in 2017.
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Cordelia Bowdery, Monica Burch and Philip Glaze all bring extensive experience across the wealth management and financial services sectors.
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The Corporation’s results show aggregate losses for the syndicates whose 2017 and 2018 underwriting years remained open rose £98mn last year.
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Nick Toth is to become director of underwriting at the Howden-owned MGA.
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Fellow Names-backed Verto Syndicate 2689 reported a loss of £10mn for 2021.
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Due diligence is being conducted ahead of a likely sale that would burnish Hannover Re’s credentials as a pure-play reinsurer.
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The business said the decision will enable Argenta to simplify operations and focus on the development of its London underwriting base.
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Syndicate 2121’s reinsurance manager will exit after just under five years with the business.
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QBE, Argenta and Blenheim syndicates also plan significant growth to capitalise on market conditions.
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Andrew Hubbard will take on the role of executive chairman.
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