A specialist insurance underwriter, Argo Group International Holdings has agreed to sell Westfield Insurance the renewal rights to its US speciality property business. However, much of the transaction’s terms were not disclosed.
President of excess and surplus at Argo Group, Marsh Duncan stated that the “transaction supports the company’s ongoing strategy to reduce volatility within the business.”
“We are pleased to have reached an agreement that provides a smooth transition for our brokers and insureds.”
Several members of Argo’s US specialized property team will have the opportunity to select Westfield as part of the deal. Argo’s shared and layered property business, which underwrites catastrophic E&S property coverage through select wholesale brokers, is included in the purchase. The transaction does not include Argo’s small to medium enterprise property policies. Argo will continue to uphold and service all current policies.
Speaking on the development, Jack Kuhn, president of Westfield Specialty stated that the company’s decision to expand its property book of business allows the company to speed up its foray into the E&S property space.
He also stated that the renewal rights transaction also gives Westfield a unique opportunity to show its “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.”
Recall that Argo also agreed to sell Mesa Underwriters Specialty Insurance Company its contract binding property and casualty business renewal rights in August.