7 February 2020News

Argo to sell Trident Public Risk Solutions to Paragon

Argo Group International will sell the Trident Public Risk Solutions brand and underwriting platform to Paragon Insurance in a transaction that is expected to close in the coming months.

Argo will retain Trident’s claims operations and provide claims services to Paragon for the public entity business. Paragon will continue to write business on Argo paper through a managing general agency agreement.

Argo expects to report a pre-tax gain of approximately $37 million related to the transaction. All existing Trident policies and products will remain valid and available.

Tim Carter, executive vice president of Argo Group US, said the sale will build on the partnership that exists between the two companies, playing to the strengths of each and thereby providing growth opportunities for both.

“Paragon’s distribution reach will give Trident greater access to new markets in the public entity insurance marketplace, and Argo will be a strong partner in those endeavors,” Carter said.

Ron Ganiats, CEO and co-founder of Paragon, described Trident as having “unmatched expertise in public entity insurance and risk management.”

He added: “Its underwriters will be invaluable as we work together to help the brand reach its fullest potential.”