Argo agrees to sell Trident underwriting platform
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Managing general agency Paragon Insurance Holdings LLC is to acquire the brand and underwriting platform of Trident Public Risk Solutions, the public entity business of Argo Group International Holdings Ltd., in a deal announced Thursday.
Argo expects to report a pre-tax gain of about $37 million related to the sale of Trident, which is expected to close in the coming months, the Bermuda-based insurer and reinsurer said in a statement announcing the deal.
Argo will retain Trident’s claims operations and provide claims services to Avon, Connecticut-based Paragon for the public entity business, and Paragon will continue to write business on Argo paper through a managing general agency agreement, the insurer said.
“Paragon’s distribution reach will give Trident greater access to new markets in the public entity insurance marketplace,” said Tim Carter, executive vice president, Argo Group U.S. in the statement.
Existing Trident policies and products will remain “valid and available,” Argo said.
Trident offers a range of property and liability coverages and risk management services to public sector entities, such as counties, municipalities, schools, special districts and governmental risk pools.
