Bermuda-based speciality re/insurance underwriter Argo Group International Holdings (Argo Group) has announced it is establishing Argo Construction as a stand-alone underwriting business, in reaction to the rapidly growing construction sector.
Under the leadership of Jim Cornwall, Senior Vice President (VP), 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. Affiliated cover such as professional liability, cyber, environmental, contractors’ equipment and builders’ risk will also be provided.
Argo Construction will begin expanding nationwide, with a focus on companies with more than $25 million in revenue.
While a search is underway for a new leader, Ron Vindivich, President of Argo Group U.S. will serve as the interim head of the Excess and Surplus (E&S) Casualty business.
Argo Group Chief Executive Officer (CEO), Mark E. Watson III., commented, “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. Establishing Argo Construction as a stand-alone business will enable it to evolve more quickly and grow at an accelerated pace.
Watson added, “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 U.S. Operations said, “This change is the most recent example of a new and successful specialty underwriting practice launched from within our E&S organisation. 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.”
