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Argo Surety, a member of Hamilton, Bermuda-based Argo Group, has a new Treasury listing capacity allowing the company to consider surety bonds up to $100 million or single bonds and has raised its surety capacity to $300 million from $250 million for an aggregate surety bond program, the insurer said in a statement Tuesday.
The U.S. Treasury Department maintains a list of surety companies it has certified to write surety bonds required by the U.S. government, according to an email from an Argo spokeswoman.
The Treasury Department requires companies that desire to be included on its list to file financial and other information. This data is analyzed by the Treasury Department, which develops a dollar underwriting limitation for the company. Each company listing includes the underwriting limitation, she said.
Along with the capacity increase, Argo Surety also announced the following staff changes:
Amanda Weiss was promoted to vice president, national underwriting officer and distribution strategy, while Tara Quigley transitions to a role in Argo Pro, the company’s U.S. professional lines business, the statement said.
Kyle Davis was promoted to vice president, field management.
Bobby Bang was hired as director of strategic operations to assist with the day-to-day needs of Argo Surety as the business grows. He has been director of process engineering at Argo Group since 2016, the statement said.
Steve Parnas was hired as vice president, contract, eastern region. He joins Argo Surety from Zurich North America, where he was regional vice president for the West region, the statement said.
Christine Marchetti was hired as assistant vice president, commercial, Northeast region. She joins Argo from Aspen Insurance, where she most recently held a senior underwriter position, the statement said.
Michelle Stukey was promoted to underwriting director to lead a new portfolio management team, the statement said.
Chris Raines was promoted to underwriting director, contract, central region; Chris Bolla was promoted to assistant vice president, commercial, west region; and Mark Noonan was promoted to assistant vice president, commercial, southeast region, the statement said.
“Our expanded appetite and our growing team is a direct response to the feedback we’re receiving from distribution partners,” said Joshua Betz, president, Argo Surety, said in the statement. “There’s increasing demand in the marketplace.”
Shareholders of Argo Group International Holdings Ltd. have voted to re-elect all five of the board directors at the company’s 2019 annual meeting, but a resolution on executive compensation was only narrowly approved.