Lloyd’s insurer ArgoGlobal has acquired the renewal rights for Allied World’s marine hull business in Asia.
The Argo Group member company announced on Monday that the transaction with Allied World was completed on August 5.
Commenting on the closed deal, ArgoGlobal COO David Lang said the company’s Asian business has grown from “strength to strength” and is a “central pillar” in the firm’s long-term strategy.
“We have identified clear scope to continue to develop our offering in Singapore, both in marine and across our suite of specialist products, and this transaction is an important step in maintaining our growth trajectory,” Lang said.
Justifying the deal with ArgoGlobal, Allied World Asia Pacific head of insurance Michael Garrison said that their marine hull business is not essential to the company’s strategic vision.
“We did an extensive evaluation of the overall Asia-Pacific portfolio and identified the marine hull book as non-core to our strategic vision for the region,” Garrison said. “As a result, we have agreed to transfer the renewal rights to ArgoGlobal.”
The Lloyd’s insurer made the acquisition after it recently strengthened its international marine offering with the hiring of two new underwriters.
In July, ArgoGlobal appointed David Ong as senior underwriter of marine hull and energy for the Middle East and North Africa (MENA) region and Lee Zi Yih as marine underwriter for Asia.
Ong will report to Lina Hantas, chief underwriting officer for the MENA region, while Zi Yih will report to David Lim, head of marine at ArgoGlobal Asia.
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