Argo Group eyes $1tr construction market with new standalone unit
Specialty re/insurer Argo Group International Holdings is establishing a standalone underwriting business to pursue the growing construction sector. Jim Cornwell, senior vice president, will lead the new operation.
Argo Construction will provide contractors with project-specific and ongoing coverage, including general liability and excess casualty. The group will provide excess and liability coverage for owner’s interest in construction projects. The team will also offer affiliated coverage, including professional liability, cyber, environmental, contractors’ equipment and builders’ risk. Argo Construction will begin expanding nationwide, with a focus on companies with more than $25 million in revenue, the company said.
Ron Vindivich, president of Argo Group US excess & surplus lines, will serve as the interim head of the E&S casualty business while a search is underway for a new leader. The parent company said Argo Construction and E&S Casualty brokers will not immediately experience changes in operations or product offerings, but they can expect frequent updates on expanding product lines and capabilities.
“The construction sector is a $1-trillion industry that is growing rapidly and is projected to be among the fastest growing business sectors in the United States over the next five to seven years,” said Argo Group CEO Mark Watson III. “Establishing Argo Construction as a stand-alone business will enable it to evolve more quickly and grow at an accelerated pace.
“Our construction business continues to prosper as a strong, growing and profitable portfolio exceeding $150 million in premium. The group has demonstrated success primarily in the northeast and is ready to expand across the United States.”
Kevin Rehnberg, president of Argo Group’s US operations, commented: “This change is the most recent example of a new and successful specialty underwriting practice launched from within our E&S organization. We have outstanding underwriting and claims expertise supported by a leading digital platform. We will continue to provide a high level of service to customers while also adding new products in the future.”
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