Argenta Syndicate Management Limited (“ASML”), a subsidiary of Argenta Holdings Limited, has announced that it will cease underwriting all new and renewal business relating to the Lloyd’s China platform (LICCL) with immediate effect 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.
Andrew Annandale, Managing Director of ASML and Chief Executive Officer of ASML’s parent, Argenta Holdings Limited, commented:
“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. 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.”