Westfield Specialty, a subsidiary of Westfield Insurance, has agreed to acquire the renewal rights of Argo Group’s US Property, Shared and Layered property business.
Westfield Specialty will acquire renewal rights on all business at the start of next year.
As a part of the transaction, Argo Group will continue to honour and service all policies currently in force.
The terms of this transaction were not disclosed.
Jack Kuhn, president of Westfield Specialty said: “This renewal rights transaction is a significant step in our E&S property launch and commitment to the wholesale property marketplace.
“We are excited for the opportunity to onboard additional underwriting talent and expertise while gaining a meaningful footprint into shared and layered property.”
Andy Hendrix, EVP of E&S Property at Westfield Specialty commented: “The acquisition of the Argo portfolio aligns with our strategic approach of short line deployments within target occupancy classes.
“The mix of primary versus excess business is indicative of a stable portfolio that limits volatility. We are excited to open our doors to our broker partners and provide fresh capacity into the market through the trusted, talented underwriters we have added over the past few weeks.”