HANOVER (dpa-AFX) - German re-insurer Hannover Re AG (HVRRY.PK, HVRRF.PK) said that it has reached an agreement to acquire the UK holding company Argenta Holdings plc, which owns the companies Argenta Syndicate Management and Argenta Private Capital as well as a pro rata share of the Lloyd's syndicate Argenta Syndicate 2121. The parties have agreed to maintain confidentiality regarding the purchase price.
The transaction is expected to close in the third quarter subject to all necessary approvals.
In the 2016 financial year Syndicate 2121 booked gross premium of GBP 280 million. Hannover Re intends to support Argenta on its envisaged growth trajectory.
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