Argo Group Creates Stand-Alone Professional Liability Segment: Argo Pro.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. -- Argo Group International Holdings, Ltd., (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. products in the property and casualty market, today announced it has consolidated its professional liability insurance underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon - including Colony Professional Lines business and Insight Insurance Services - and has named the new stand-alone professional lines business Argo Pro. Argo Pro will now be under the leadership of recently promoted President John Keane John Keane is the name of:
Argo Pro will conduct business within Argo Group's Excess & Surplus Lines (E&S) segment and will be comprised of the allied medical, errors & omissions (E&O) and environmental divisions. It will continue to write specialty risks on both a non-admitted and admitted basis. Argo Group recently acquired Insight Insurance Services Inc., a specialist in professional liability insurance for accounting professionals, architects, engineers and insurance agents. "We are excited to announce the formation of Argo Pro to focus specifically on this niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. ," said Keane. "This strategic move underscores our commitment to serve the professional lines insurance market through expert underwriting and dedicating specialized resources. Our underwriting capabilities now address an entire spectrum of risks from preferred, loss-free risks to distressed and harder-to-place risks." Argo Group's E&S segment is the 12th largest E&S carrier in the U.S. and provides commercial lines property and casualty insurance on both an admitted and non-admitted basis in all 50 states. Over the past several years, Argo Pro has grown consistently. The allied medical division has broadened its risk appetite significantly across its existing segments of social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales , miscellaneous healthcare and long-term care facilities long-term care facility n. See skilled nursing facility. . The E&O division has grown from a startup operation in 1996 and will continue to broaden the range of products and services provided to Argo Pro's customers and producers. Argo Group's recent acquisition of Insight is one such step. The environmental division is the third largest underwriter of underground storage tanks An Underground Storage Tank (UST), in United States environmental law, is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. and is a leader in providing pollution coverage for dry cleaners. "We look forward to growing Argo Pro's breadth of offerings in the professional lines market," said David Williams, vice president of professional liability product development. "We are always looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. opportunities to write new risks and develop new products as well as adding to the already skilled underwriting teams we have at Argo Pro," said Keane. "In so doing, it allows us to continue to strive for excellence on behalf of all our clients and partners in a more concerted, strategic manner." ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD. Headquartered in Hamilton, Bermuda, Argo Group International Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of high-quality products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, Reinsurance, and International Specialty. Information on Argo Group and its subsidiaries is available at www.argolimited.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion