Argo Group launches Construction Business Unit
Argo Group International Holdings, Ltd. (NYSE: ARGO), an international underwriter of specialty insurance and reinsurance, today announced it is establishing Argo Construction as a stand-alone underwriting business to pursue the growing construction sector. Jim Cornwell, senior vice president, will lead this new operation.
“The construction sector is a $1-trillion industry that is growing rapidly and is projected to be among the fastest growing business sectors in the United States over the next five to seven years,” said Argo Group CEO Mark E. Watson III. “Establishing Argo Construction as a stand-alone business will enable it to evolve more quickly and grow at an accelerated pace. “Our construction business continues to prosper as a strong, growing and profitable portfolio exceeding $150 million in premium. The group has demonstrated success primarily in the northeast and is ready to expand across the United States.”
“This change is the most recent example of a new and successful specialty underwriting practice launched from within our E&S organization. We have outstanding underwriting and claims expertise supported by a leading digital platform,” said Kevin Rehnberg, president of Argo Group’s U.S. Operations. “We will continue to provide a high level of service to customers while also adding new products in the future.”
Argo Construction will provide contractors with project-specific and ongoing coverage, including general liability and excess casualty. The group will provide excess and liability coverage for owner’s interest in construction projects. The team will also offer affiliated coverage, including professional liability, cyber, environmental, contractors’ equipment and builders’ risk. Argo Construction will begin expanding nationwide, with a focus on companies with more than $25 million in revenue.
Ron Vindivich, president of Argo Group U.S. Excess & Surplus lines, will serve as the interim head of the E&S Casualty business while a search is underway for a new leader. Argo Construction and E&S Casualty brokers will not immediately experience changes in operations or product offerings, but they can expect frequent updates on expanding product lines and capabilities.
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ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NYSE: ARGO) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group 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 Group’s insurance subsidiaries are A. M. Best-rated ‘A’ (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group’s U.S. insurance subsidiaries are Standard and Poor’s-rated ‘A-‘ (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
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