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Argenta Syndicate Management Ltd

Managing Agent Name: Argenta Syndicate Management Limited

Offeror: Argenta Underwriting No. 9 Limited

Subject: Mandatory Offer to be made in Auction 1

Syndicates Affected: Syndicate 2121 and SPA 6134

Argenta Syndicate Management Limited (the “Managing Agent”) announced on 30 April 2018 that a formal offer (the “Offer”) would be made by Argenta Underwriting No. 9 Limited (the “Offeror”) to all 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 Offeror or its associates.

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 held by the Offeror and its associates exceeding 75%.

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.

Full details of the Offer will be set out in a Circular which (subject to Lloyd’s approval) will be issued and dispatched on 24 September 2018 in accordance with the Capacity Offer Rules.

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 Offer will be effected by way of an Announced Auction Offer to be made in Auction 1 only on 24-25 October 2018 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 only, due to SPA6134 having 100% aligned capacity.

The Offeror has not reserved the right to make the Offer an increasing offer.

Any person who is considering participating in this Offer should read carefully the Circular relating to such Offer and the 2019 Syndicate Business Forecast which will be available free of charge during normal business hours on any week day (Saturdays, Sundays and public holidays excepted) from the offices of the Managing Agent at 5th Floor, 70 Gracechurch Street, London EC3V 0XL up to and including 25 October 2018 and the risk factors set out in the Circular.

This announcement relates to an announced auction offer which is being made by the Managing Agent on behalf of Argenta Underwriting No. 9 Limited.

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 Offeror 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 a connected company of Argenta Underwriting No. 9 Limited and is interested in the Offer.

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: 24 September 2018

Contact Information

Agency contact name: Matthew Rowan (

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

For auction office use only: D2018003

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