Argo Group International Holdings, an underwriter of specialty insurance, has announced an agreement to sell the renewal rights of its US specialty property business to Westfield Insurance. Terms of the transaction were not disclosed.
“This transaction supports the company’s ongoing strategy to reduce volatility within the business,” said Marsh Duncan, president of excess and surplus at Argo Group. “We are pleased to have reached an agreement that provides a smooth transition for our brokers and insureds.”
As part of the transaction, several members of Argo’s US specialty property team will have the option to join Westfield. The deal 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 property policies are not included in the transaction. Argo will continue to honor and service all policies currently in force.
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“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 of 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.”
In August, Argo agreed to sell its contract binding property and casualty business renewal rights to Mesa Underwriters Specialty Insurance Company.
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