Argenta Private Capital support for Convex 1984 reaches £34m

Argenta Private Capital Ltd are delighted to be supporting Convex with their new Lloyd’s syndicate 1984. Confidential discussions began in December, followed by meetings with the Convex leadership team including Theo Butt, Andreas Weber, Anne Middleton and Jacq Wiffen in January and February. The council of Lloyd’s gave its approval in principle to the new syndicate in February. Shortly after, Argenta was able to recommend support for this new venture to its clients.  

Within 14 days, Argenta clients have raised capital to support more than £34m of premium income for the new syndicate, which has since been confirmed, leading the way for Members agents. Simultaneously, APCL and Convex held a joint webinar for clients where they heard first-hand about the new syndicate, including its approach and business plan for the next 3 years. 

 Syndicate members will enjoy capacity rights under the modified freehold agreement piloted by Fidelis syndicate 3123 in 2024. This will allow them to trade capacity at the annual auctions, an asset we expect to increase in value should the syndicate deliver on its promise. 

Convex Syndicate 1984 will commence underwriting in April, under the management of Asta Managing Agency Limited, which will provide regulatory oversight, and operational support as this business is present in the Lloyd’s market. Convex is an international specialty insurance and reinsurance business, founded in 2019. The syndicate will underwrite £150m of premium income including accident and health, casualty, crisis management, equine, livestock and aquaculture, energy, marine, political risk and property.   

Convex says “our team have been impressed by Argenta throughout the due diligence process and look forward to building a long-term strategic partnership together.” 

This represents an exciting opportunity for Argenta’s clients all at Argenta look forward to working closely with the Convex team over the coming years as it develops its Lloyd’s business.