PZU enters the Lloyd's market

WSE-listed insurer PZU has entered the Lloyd’s market by becoming the shareholder of Argenta Syndicate Management Limited, one of Lloyd's subsidiaries. “Argenta's activity profile in the areas of insurance for the energy sector and large assets is similar to the business profile of PZU on the corporate insurance market,” PZU said in a market filing. “PZU becomes a global player. The presence on Lloyd's market is not only prestige but above all, access to international brokers and the opportunity to benefit from the knowledge of the world's best underwriter and risk engineers,” said Roger Hodgkiss, a member of the management board of PZU. Much of the capital available on Lloyd's market is provided on a subscription basis - Lloyd's insurers merge into syndicates, which in turn combine to insure different risks. Lloyd's has licenses to run insurance business in more than 70 countries and can take risks from over 200 countries and territories in accordance with local laws and regulations. The Lloyd's market includes over 60 groups of various insurance products. The gross insurance premium for 2016 amounted to £29.9 billion and a profit of £1.22 billion. The price for the transaction and the size of PZU stake were not revealed.