Singapore-based syndicate closes doors after heavy catastrophe toll

Syndicate 1965 at Lloyd’s has closed its doors to new business as a result of the unprecedented level of catastrophe losses in 2011.

The Singapore-based syndicate, managed on a third-party basis  by Argenta Syndicate Management, writes exclusively in Asia.

The bulk of the natural catastrophes seen in 2011 hit the Asia Pacific region, including the earthquakes in Japan and New Zealand, flooding and windstorms in Australia and, more recently, the floods in Thailand.

Argenta said it will work closely with staff and capital providers of the syndicate, as well as Lloyd’s, to ensure the orderly resolution of outstanding liabilities.

Argenta said its own Lloyd’s underwriting operation, Syndicate 2121, is unaffected and has minimal exposure to the Thailand floods.