Argo Group International Holdings, an underwriter of specialty insurance, has announced an agreement to sell the renewal rights of its US specialty property business to Westfield Insurance. Terms of the transaction were not disclosed.
“This transaction supports the company’s ongoing strategy to reduce volatility within the business,” said Marsh Duncan, president of excess and surplus at Argo Group. “We are pleased to have reached an agreement that provides a smooth transition for our brokers and insureds.”
As part of the transaction, several members of Argo’s US specialty property team will have the option to join Westfield. The