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Argenta Syndicate Management Ltd

Managing Agent Name: Argenta Syndicate Management Limited

Subject: Mandatory Offer

Syndicates Affected: Syndicate 2121 and SPA 6134

Argenta Syndicate Management Limited (the “Managing Agent”) today announces that a formal offer (the “Offer”) will be made by the Managing Agent to all eligible non‑aligned members of Syndicate 2121 and SPA 6134 (collectively, the “Syndicate”) to acquire all of the Syndicate capacity for the 2019 and each subsequent year of account that will not already be owned or controlled by the Managing Agent or its associates.

The Offer is being made solely in order to fulfil the Managing Agent’s obligation under the Mandatory Offer Byelaw (No. 5 of 1999) (“the Byelaw”) for a mandatory offer to be made in respect of the Syndicate.

Corporate Members within the Argenta Group and associates (as defined in the Byelaw) own or control 75.81% (being £277,961,882 (“the aligned capacity”)) out of the total of £366,636,678 of aggregate Syndicate capacity for the 2018 year of account.  The requirement to make a mandatory offer arises by reason of Syndicate 2121 and SPA 6134 having the same active underwriter and by reason of the aggregate aligned capacity on the Syndicate exceeding 75%. The Offer will be effected by way of an Announced Auction Offer to be made in Auction 1 only (the date of which is yet to be agreed by Lloyd’s) at a price of 3.97 pence per £1 of capacity for the remaining 24.19% of capacity on the Syndicate which is not aligned capacity. The Offer will be unlimited as to the amount of capacity that is the subject of the Offer but the capacity for which the Offer is made will be limited to Syndicate 2121 capacity only, due to SPA 6134 having 100% aligned capacity.  Capacity in respect of which the Offer is accepted will be acquired initially by Argenta Underwriting No. 9 Limited.

Full details of the Offer will be set out in an Offer Document which will be issued and dispatched in advance of Auction 1, in accordance with the Capacity Offer Rules.

This announcement is issued by Argenta Syndicate Management Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

This announcement has been prepared in accordance with Lloyd’s requirements.  The Managing Agent has confirmed to Lloyd’s that this announcement complies with the Capacity Offer Rules.  This announcement has not been approved by Lloyd’s.

Argenta Syndicate Management Limited is the managing agent of the Syndicate and is therefore interested in the Offer.

Any person who is considering whether or not to accept the Offer should read carefully the Offer Document when published and the risk factors set out therein.  Copies of the offer document (and any revised Offer Document which may be issued), and of the 2019 syndicate business forecast for the Syndicate, will be made available in accordance with the Capacity Offer Rules in advance of Auction 1 at the offices of the Managing Agent and Corporate Member(s) at 5th Floor, 70 Gracechurch Street, London EC3V 0XL.

This announcement does not constitute a solicitation, invitation or offer to persons in any jurisdiction where a solicitation, invitation or offer could be contrary to law.

Date issued: 30 April 2018

Contact Information

Agency contact name: Matthew Rowan (

Agency contact no: +44 (0)207 825 7117

For auction office use only: D2018001

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