Argo unveils deal to revamp its surety business
Argo Group International has unveiled a deal to support the surety underwriting operations of North American insurer Trisura Group as it works to revamp and grow its surety business. Trisura is one of the largest surety writers in Canada.
Trisura will provide surety underwriting services and other services to support Argo’s surety operations. Argo will retain surety claims management responsibilities. The two companies intend to partner on and are actively negotiating appropriate terms related to shared surety and co-surety arrangements as well as fronting arrangements.
Linked to this, Argo has also hired former RLI Surety leader Greg Chilson who will join Argo in an advisory role. Chilson will work directly with Argo Surety Interim Head, Steve Boughal in developing and executing the company’s surety business strategy. Chilson retired as vice president overseeing RLI’s Surety Division at the end of 2021.
“This partnership is an important step as we work to evolve Argo Surety,” said Argo CEO Thomas Bradley (pictured). “Trisura’s underwriting philosophy aligns with Argo Surety’s history of close partnerships, in-depth industry knowledge and commitment to creating specialty solutions for hard-to-place business. Through this partnership, we will build on our commitment to the surety business for our valuable broker partners while expanding our capacity for new business.”
Chris Sekine, president and CEO, Trisura Canada, added: “Trisura is excited to partner with Argo to provide underwriting support and the same high level of service to Argo’s brokers and agents as they have come to expect from Argo. We are pleased to partner with Argo and believe the collaboration will expand support for both Argo and Trisura stakeholders. For Trisura’s North American surety platform, we are excited to continue negotiations to finalize terms to access Argo’s licensed and Treasury Listed paper in all U.S. jurisdictions and assess co-surety and shared surety opportunities together. The strategic partnership will advance both of our businesses across North America.”