Italian Argo subsidiary rebranded
Argo positive despite fall in Q1 profits
Argo Group International Holdings has announced it is establishing Argo Construction as a stand-alone underwriting business to access what it describes as the growing construction sector.
“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 chief executive officer Mark Watson. “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 be led by senior vice president Jim Cornwell. It 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 US 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.
Argo Group International Holdings, construction, expansion