Argo gives ‘several members’ option to join Jack Kuhn’s new specialty insurer Westfield
Argo Group International Holdings, an underwriter of specialty insurance, is giving “several members” of its US specialty property team the option to join insurance veteran Jack Kuhn’s newly launched specialty business Westfield and continue to serve this market, as it sells renewal rights of the said business in a bid to “reduce volatility”.
The Bermuda-based re/insurer has agreed to sell the renewal rights of its US specialty property business to Westfield Insurance, which was launched in July this year by Kuhn who has previously built and scaled several businesses including Sompo International, Vantage and Endurance.
The transaction includes Argo’s shared and layered property business, which underwrites catastrophic-focused excess and surplus (E&S) property coverage through select wholesale brokers. Argo’s small to medium enterprise (SME) Property policies are not included in the deal. Argo said it will continue to honor and service all policies currently in force.
“This transaction supports the company’s ongoing strategy to reduce volatility within the business,” said Marsh Duncan (pictured), Argo Group’s president of excess and surplus. “We are pleased to have reached an agreement that provides a smooth transition for our brokers and insureds.”
Kuhn, president of Westfield Specialty, said: “Expanding our property book of business allows us to accelerate our launch into the E&S property space, further ensuring our continued success.
“This renewal rights transaction also gives us a unique opportunity to show our strong commitment to the E&S property market by offering customised insurance solutions, exceptional customer service, and superior claims handling to new property accounts at renewal.”
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