Argonaut To Get Fireman's Fund E&S Renewals
NU Online News Service, April 1, 4:10 p.m. EST?Argonaut Group Inc. said it will acquire the renewal rights and some operating assets to the binding authority business segment of Interstate Insurance Group, a subsidiary of Fireman's Fund.[@@]
No terms were disclosed.
"The binding authority business model, while profitable, is not a long-term strategic fit for Fireman's Fund," said Arthur E. Moossmann, president of specialty insurance for Novato, Calif.-based Fireman's Fund, in a statement.
"The transfer of this book of business to Argonaut will allow our specialty insurance business to concentrate on the specialized underwriting focus of its marine and casualty products, delivered through focused distribution channels," Mr. Moossmann said.
Argonaut Group, headquartered in San Antonio, Texas, will offer policies for transportation and other excess and surplus business through its excess and surplus subsidiary, Colony, based in Richmond, Va.
Colony underwrites difficult risks not serviced by standard carriers and focuses on small to medium-sized businesses in a wide variety of industries and professions, said Argonaut.
"We continue to look for high-value opportunities to provide more predictable growth and expand our presence within our niche markets," said Mark E. Watson III, Argonaut's president and chief executive officer. "This transaction furthers those goals in our E&S segment."
"Because the binding authority segment of Fireman's Fund is recognized as an experienced and profitable underwriter of E&S transportation business, the addition of this segment will complement our existing array of specialty products," said Colony president, Dale Pilkington.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.