Argo Group Forms Casualty & Professional Risks Division; Also Announces Management Changes.HAMILTON, Bermuda -- Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an international underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. 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 that it has established a Casualty and Professional Risks division within Argo Re, the Company's Bermuda-based reinsurance operation. The newly formed division will write general and product liability, product recall, excess directors' and officers' liability, A-side primary, lead DIC DIC diffuse intravascular coagulation; disseminated intravascular coagulation. DIC abbr. disseminated intravascular coagulation Disseminated intravascular coagulation (DIC) (difference in conditions) and follow form, excess errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. liability, primary and excess employment practices liability, and excess crime & fidelity risks, with capacity limits of up to $25 million. The Casualty and Professional Risks business will be headed by Nigel Mortimer, who has been appointed chief 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. officer for Casualty and Professional Risks at Argo Re. Reporting to Argo Re President Andrew Carrier, Mr. Mortimer will lead a team of underwriters that includes Mark Peeters, Glenn Burles, Timothy Hadler and Deirdre Lohan. "We see tremendous opportunity in this part of the market," noted Mr. Carrier. "Argo Re's unique specialist approach means that, with the right underwriting management in place combined with Argo Group's strong balance sheet, we should be successful at generating profitable risk-adjusted returns Risk-Adjusted Return A measure of how much risk a fund or portfolio takes on to earn its returns, usually expressed as a number or a rating. Notes: This is often represented by the Sharpe Ratio. The more return per unit of risk, the better. . "In this regard, we are very fortunate to have Nigel Mortimer and his team on board. They have the experience and industry knowledge to establish this book of business as a successful undertaking." Mr. Mortimer joins Argo Re with nearly two decades of experience in the casualty sector. Most recently, he was director of product development for XL Insurance worldwide, a role he held from 2007. He has had various senior underwriting positions with international insurers XL, Zurich Group and Chubb Insurance. Mr. Mortimer holds an Honors degree in Economics and Politics from the University of Hertfordshire The University of Hertfordshire is a modern university based largely in Hatfield, in the county of Hertfordshire, United Kingdom, from which the university takes its name. It has more than 23,000 students. . Argo Group also announced today that the president of its U.S. operations, Dale Pilkington, will be leaving the Company as of May 1, 2009. Chief Executive Officer Mark E. Watson III and Chief Financial Officer Jay Bullock bullock a mature castrated male cattle destined for meat production or draft. will jointly assume Mr. Pilkington's responsibilities until a successor is named. Mr. Pilkington will assist during the transition period with the selection process. Commenting on Mr. Pilkington's departure, Mr. Watson said, "Dale has been an integral member of our executive team during the growth and development of our Excess & Surplus Lines business segment. At my request, he took over the management of our U.S. operations just over a year ago and during that time has overseen key aspects of management and operational reorganization, supporting the successful acquisition of strategic books of business. I know his decision to leave Argo Group was made after careful thought and consultation with his family and I respect the decision he has made. Dale is a consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. insurance professional who enjoys the respect of his industry peers and his Argo Group colleagues. I know I speak for everyone in wishing him every success in his future endeavors." 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. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Such statements are qualified by the inherent risks and uncertainties surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. future expectations generally and also may materially differ from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. |
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