Argo Group International Holdings, Ltd., has announced that it has come to an agreement with North American insurer, Trisura Group, Ltd., to support its surety underwriting operations as it looks to revamp and grow its surety business.
Through the partnership, Trisura will provide surety underwriting services, as well as other services to support Argo’s surety operations. Argo will retain surety claims management responsibilities.
According to the announcement, both companies intend to partner on and are actively negotiating appropriate terms related to shared surety and co-surety arrangements as well as fronting arrangements.
The terms of the agreement were not disclosed.
At the same time, and effective immediately, former RLI Surety leader Greg Chilson will join Argo in an advisory role.
In the role, Chilson will work directly with Argo Surety Interim Head, Steve Boughal in developing and executing the company’s surety business strategy. This includes the evaluation of its in-force portfolio, as well as reviewing underwriting guidelines, providing guidance on organisational design, and mentoring junior staff.
Boughal, commented: “We are thrilled to have Greg on the team as we look to build upon the great success of Argo’s surety business. Greg’s deep industry knowledge and experience will provide tremendous value to the organization.”
Additionally, Argo Group has also contracted with MacColl Strategic Advisors to provide strategic advice and counsel in regard to its surety operations.
Thomas A. Bradley, Argo Executive Chairman and Chief Executive Officer, said: “This partnership is an important step as we work to evolve Argo Surety. Trisura’s underwriting philosophy aligns with Argo Surety’s history of close partnerships, in-depth industry knowledge and commitment to creating specialty solutions for hard-to-place business. Through this partnership, we will build on our commitment to the surety business for our valuable broker partners while expanding our capacity for new business.”
Chris Sekine, President and CEO Trisura Canada, added: “Trisura is excited to partner with Argo to provide underwriting support and the same high level of service to Argo’s brokers and agents as they have come to expect from Argo.
“We are pleased to partner with Argo and believe the collaboration will expand support for both Argo and Trisura stakeholders. For Trisura’s North American surety platform, we are excited to continue negotiations to finalize terms to access Argo’s licensed and Treasury Listed paper in all U.S. jurisdictions and assess co-surety and shared surety opportunities together. The strategic partnership will advance both of our businesses across North America.”
