PZU Group enters the Lloyd's market by becoming an Argenta shareholder
Argenta Syndicate Management Limited is part of the Hannover Re owned Argenta Holdings and manages Lloyd's Syndicate 2121 which had a stamp capacity for 2017 of GBP 300 million. Syndicate 2121 focuses on short-tail property business and specialty lines. In the 2016 financial year Syndicate 2121 booked gross written premium of GBP 280 million.
"Argenta's activity profile in the areas of insurance for the energy sector and large assets is similar to the business profile of PZU on the corporate insurance market," a PZU news release of today states.
The "Member of Lloyd's" certificate obtained by the PZU Group guarantees the largest insurance companies' credibility on international markets as an additional rating. To obtain it, the PZU Group had to go through a detailed Lloyd's audit.
"PZU becomes a global player. The presence on Lloyd's market is not only prestige, but above all, access to international brokers and the opportunity to benefit from the knowledge of the world's best underwriter and risk engineers," said Roger HODGKISS, a member of the management board of PZU SA.
Much of the capital available on the Lloyd's market is provided on a subscription basis - Lloyd's insurers merge into syndicates, which in turn combine to insure different risks. Lloyd's has licenses to run insurance business in more than 70 countries and can take risks from over 200 countries and territories in accordance with local laws and regulations. The Lloyd's market includes over 60 groups of various insurance products. The gross insurance premium for 2016 amounted to GBP 29.9 billion and a profit of GBP 1.22 billion.