Argo to sell specialty property business to Westfield
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Specialty insurer Argo Group International Holdings, Ltd. said Thursday it has agreed to sell the renewal rights of its U.S. specialty property business to Westfield Insurance Co.
Terms of the transaction were not disclosed.
Argo Group president Marsh Duncan said in a statement the deal supports the company’s strategy of reducing volatility.
The transaction includes Argo’s shared and layered property business, which underwrites catastrophic-focused excess and surplus property coverage.
The statement said several members of Argo’s U.S. special property team will have the option to join Westfield.
Westfield Center, Ohio-based Westfield Insurance Co. said in July it was entering the specialty insurance business and has named veteran executive Jack Kuhn as president of the new venture.
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