Argo Group International Holdings, Ltd. has announced that Paragon Insurance Holdings, LLC is to acquire its Trident Public Risk Solutions brand and underwriting platform.
It’s expected that the deal will complete in the coming months, and insurer and reinsurer Argo expects to report a pre-tax gain of around $37 million related to the transaction.
Under the terms of the agreement, Argo will retain Trident’s claims operations and will provide claims services to Paragon for the public entity business. Furthermore, Trident will continue to underwrite business on Argo paper via a managing general agency arrangement.
Once the deal completes, all existing Trident policies and products will remain both valid and available.
Tim Carter, Executive Vice President, Argo Group US, commented: “This sale will build on the partnership between Argo and Paragon Insurance, providing growth opportunities to both companies through roles that play to the strengths of each.
“Paragon’s distribution reach will give Trident greater access to new markets in the public entity insurance marketplace, and Argo will be a strong partner in those endeavors.”
Ron Ganiats, Chief Executive Officer (CEO) and co-founder of Paragon, added: “With unmatched expertise in public entity insurance and risk management, Trident is an exciting addition to our portfolio, and its underwriters will be invaluable as we work together to help the brand reach its fullest potential.
“The team at Paragon is excited to broaden our partnership with Argo as well as build on new and existing relationships with retail brokers, service providers and insureds.”