ArgoGlobal acquires renewal rights for Allied World Asia’s marine business
ArgoGlobal, a Lloyd’s insurer and member of global underwriter of specialty re/insurance products Argo Group, has acquired the renewal rights for Allied World’s marine hull business in Asia.
“I am very pleased that we have reached an agreement with Allied World to acquire the renewal rights for its marine hull business in Asia,” said David Lang, chief operating officer of ArgoGlobal.
“Our Asian business has grown from strength to strength and is a central pillar in our long-term strategy. We have identified clear scope to continue to develop our offering in Singapore, both in marine and across our suite of specialist products, and this transaction is an important step in maintaining our growth trajectory.
“Clients and brokers will continue to receive an exceptional level of service and we look forward to maintaining and developing these mutually beneficial relationships.”
Michael Garrison, senior vice president, head of insurance, Allied World Asia Pacific, said: “During our acquisition of RSA’s operations in Singapore, Hong Kong and Labuan, we did an extensive evaluation of the overall Asia-Pacific portfolio and identified the marine hull book as non-core to our strategic vision for the region. As a result, we have agreed to transfer the renewal rights to ArgoGlobal.”
