Argo Insurance Bermuda, a member of Argo Group International Holdings, Ltd. (NASDAQ: AGII), an international underwriter of specialty insurance and reinsurance products, today announced the launch of its wage and hour (W&H) liability insurance product. The product is underwritten by the professional lines team in Bermuda.
“Over the past few years, the industry has seen an increase in the number of wage and hour claims filed on behalf of U.S. employees, particularly on a class or collective-action basis,” said Sherron Williams, senior underwriter at Argo Insurance. “Despite the increase in wage and hour claims, small to midsized businesses in the U.S. are largely underserved for W&H insurance.
“Working closely with our brokers and insureds, we have developed our W&H product to meet this clear and growing need. This niche product is a prime example of our efforts to fill coverage gaps and provide comprehensive solutions across the risk spectrum.”
W&H insurance provides employers with defense and indemnity liability coverage for violations of the Fair Labor Standards Act or similar state and federal laws that govern employee compensation. Common violations include non-payment of overtime, meal breaks/rest periods, and misclassification of employees as exempt (salaries) or non-exempt (hourly). This new product is designed for small to midsized U.S. companies (10,000 employees or less) within any industry.
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ABOUT ARGO INSURANCE
Writing business on Argo Re paper, Argo Insurance underwrites clients in the Bermuda market of Argo Group. Products are championed by a respected underwriting team that is committed to best-in-class results. With a strong balance sheet and a focus on client insight, Argo Insurance serves the Fortune 500, as well as global professional services firms, insuring market leaders in their respective industries.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) 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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Argo Group International Holdings, Ltd.
Tel +1 210 366 5613
Peter Rigby, Brian Norris, Colette La Pointe
Tel +44 (0)20 7562 4444