Hamilton, Bermuda-based specialty underwriter Argo Group International Holdings Ltd. said its subsidiary, Trident Insurance Services, has acquired the managing general agency Massamont Insurance Agency Inc. Terms of the deal were not released.
Argo said the move expands the company's public entity footprint into New England. Trident and Massamont will operate under their current names led by Hilbert "Van" Schenck II, who assumes the role of president of Trident while continuing as president of Massamont.
He fills the position previously held by Michael Arledge, who was promoted to president of Argonaut Select Markets, the Argo Group business segment that includes Trident and Massamont.
The new partnership will have operations in San Antonio, Texas (Trident's headquarter); Boston (Massamont's headquarters); Greenfield, Mass.; and Chicago.
Argo said Massamont has 20 years experience in the public entity business and will add to Argo Group's Select Markets product portfolio with additional automobile specialty programs. Combining the MGAs nearly doubles the employee count to 162 and will boost gross written premium by 65 percent, the company said.
"Our combined companies have a culture, market expertise and a management philosophy that perfectly complement one another," said Mr. Schenck. "We look forward to joining such a growing, world-class international specialty organization and know that our expanded relationship will accelerate the growth set in motion with our existing MGA."
Mr. Arledge said, "The opportunities for growth and development afforded by this transaction are significant. We are now an industry leader and the second largest writer of small-to-medium-size public entities in the U.S. Under Van's leadership, I am confident that we will quickly become number one."
© 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.