Argo Group International Holdings, Ltd. in Bermuda announced that it acquired Insight Insurance Services Inc., a privately held professional liability insurance specialist, without disclosing terms of the deal.
Insight, a program administrator based in Geneva, Ill., specializes in professional liability insurance for accounting professionals, architects, engineers and insurance agents.
Argo said Insight will operate as a separate professional liability underwriter within Argo Group and will remain a separate legal entity, continuing operations out of its Illinois headquarters. Insight generated more than $40 million in gross written premium last year.
Through the first six months of 2008, Argo wrote $744.2 million in gross premiums, according to earnings statements summarized by Highline Data, a unit of Summit Business Media, parent company of National Underwriter.
Argo said Insight founders Jim Romano and Michelle Duffett will remain integrally involved in managing Insight and retain the titles of president and executive vice president of Insight, respectively.
The reporting relationships of Insight's staff will be unaffected by the change.
Commenting on the deal, Mr. Romano said, “As the insurance industry continues to consolidate, it made sense strategically to make Insight part of an insurance company that would enable us to further strengthen Insight's service and product offerings, as well as producer relationships.”
As part of the transaction, Argonaut Insurance Company, an “A”-rated Argo Group company, will ultimately serve as Insight's new carrier for its professional liability coverage. Insight will transition policies to Argo Group at the time of policy renewal.
Insight's Web site currently lists Everest National as the carrier for accountants and architects, and Safeco as the carrier for insurance agents professional liability.
Argo Group was a U.S. specialty insurance underwriter until 2007, when it merged with PXRE, adding reinsurance and expanding internationally.
In March, Argo also acquired another program writer, Boston-based Massamont, a public entity specialist.
Insight Insurance Services, founded in 1987, serves more than 4,500 policyholders working through approximately 750 independent insurance agents and brokers in the United States.
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