Hannover Re will acquire UK group Argenta Holdings, which owns Lloyd’s managing agent Argenta Syndicate Management and Lloyd’s members’ agent Argenta Private Capital.

Argenta has had an Australian presence since 2015, when Argenta Underwriting Australia was established.

The parties have kept the transaction price confidential and aim to complete the transaction in the third quarter, subject to regulatory approvals.

“For some time now we have been interested in a Lloyd’s syndicate, with a view to gaining additional access to international and London market business,” Hannover Re CEO Ulrich Wallin said. “We are delighted to have found an ideal partner in Argenta.”

Argenta Syndicate Management manages Lloyd’s Syndicate 2121, which has a stamp capacity of £300 million ($489 million) for this year. Argenta Private Capital supplies almost £1.8 billion ($2.93 billion) of investor capacity to the Lloyd’s market.