CHICAGO – Nov. 11, 2021 – Argo Group International Holdings, Ltd. (NYSE: ARGO), an underwriter of specialty insurance, today announced an agreement to sell the renewal rights of its U.S. Specialty Property business to Westfield Insurance.
“This transaction supports the company’s ongoing strategy to reduce volatility within the business,” said Marsh Duncan, Argo Group, president, excess and surplus. “We are pleased to have reached an agreement that provides a smooth transition for our brokers and insureds.”
As a part of the transaction, several members of Argo’s U.S. Specialty Property team will have the option to join Westfield and continue to serve this market. This transaction includes Argo’s Shared and Layered Property business, which underwrites catastrophic-focused E&S property coverage through select wholesale brokers. Argo’s Small to Medium Enterprise (SME) Property policies are not included in this transaction. Argo will continue to honor and service all policies currently in force.
“Expanding our property book of business allows us to accelerate our launch into the E&S property space, further ensuring our continued success,” said Jack Kuhn, president, Westfield Specialty. “This renewal rights transaction also gives us a unique opportunity to show our strong commitment to the E&S property market by offering customized insurance solutions, exceptional customer service, and superior claims handling to new property accounts at renewal.”
The terms of this transaction were not disclosed.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (“Argo”) (NYSE: ARGO), is an underwriter of specialty insurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo and its insurance subsidiaries are rated “A-” by Standard & Poor’s. Argo’s insurance subsidiaries are rated “A-” by AM Best. More information on Argo and its subsidiaries is available at argogroup.com.
AVP, Investor Relations and Corporate Finance
Senior Vice President, Argo Group Communications