The Syndicate, which operates exclusively in Asia, issued a statement to say it has been affected by the “unprecedented frequency and severity of natural catastrophes in the region during 2011, culminating in the recent Thailand floods”.  

Argenta Syndicate Management Limited (ASML), which is the provider of third-party managing agency services to Syndicate 1965,  has said it “will work closely with the staff and capital providers of the Syndicate, as well as with Lloyd’s, to ensure the orderly resolution of all outstanding liabilities”.

ASML’s was quick to street its own underwriting operation, Syndicate 2121, is not affected by events relating to Syndicate 1965 and has minimal exposure to the Thailand floods. Syndicate 2121 is a specialist underwriter focusing on six core classes: Property Direct, Property Treaty, Marine including Cargo and Specie, Energy, Utilities and Terrorism.