Argo and SureTec expand capacity with mid-market contract program
Argo Group International Holdings has announced that Argo Surety, together with SureTec Financial Corp, will provide expanded combined capacity for the middle market contract surety segment.
This new program affords Argo Surety and SureTec the opportunity to extend up to $50 million in contract bond capacity to select producers.
This expanded capacity will be enhanced by SureTec’s experienced contract underwriting and claims management teams.
SureTec CEO John Knox Jr. says, “We will use the new capacity selectively to help our producers navigate through this highly competitive marketplace. Argo Group has had a strategic investment in SureTec since 2011, and this opportunity to partner in the middle market contract space is a logical extension of our strategic involvement.”
“Combining the capabilities of both organizations in this segment provides our producers with the strong, stable platform needed in today’s contract surety marketplace.” says Argo Surety president Josh Betz.
He continues, “Both organizations’ producers and their accounts will benefit from the expanded offering of two well seasoned and established businesses.”
In addition to this new program, Argo Surety has increased its commercial surety capacity to $100 million for qualifying clients.
SureTec Financial Corp is one of the largest privately owned surety companies in the US, operating in 50 states. Its subsidiary, SureTec Insurance Company, is rated A (Excellent) by A.M. Best with a stable outlook. The company is backed by over $200 million in assets.
Betz concludes, “We remain committed to building and growing the best platform and product offerings for our agents and clients.”