Argo Group International Holdings, Ltd., is establishing Argo Construction as a standalone underwriting business to pursue the growing construction sector. Jim Cornwell, senior vice president, will lead this new operation.
“The construction sector is a $1 trillion industry that is growing rapidly and is projected to be among the fastest growing business sectors in the United States over the next five to seven years,” said Argo Group's chief executive officer, Mark E. Watson III. “Establishing Argo Construction as a standalone business will enable it to evolve more quickly and grow at an accelerated pace.
“Our construction business continues to prosper as a strong, growing, and profitable portfolio exceeding $150 million in premium. The group has demonstrated success primarily in the northeast and is ready to expand across the United States.”
Kevin Rehnberg, president of Argo Group's U.S. operations, added, “This change is the most recent example of a new and successful specialty underwriting practice launched from within our E&S organization. We have outstanding underwriting and claims expertise supported by a leading digital platform. We will continue to provide a high level of service to customers while also adding new products in the future.”
In a statement, Argo Construction said that it will provide contractors with project-specific and ongoing coverage, including general liability and excess casualty. The group will provide excess and liability coverage for owner's interest in construction projects. The team also will offer affiliated coverage, including professional liability, cyber, environmental, contractors' equipment, and builders' risk.
Argo Construction added that it will begin expanding nationwide, with a focus on companies with more than $25 million in revenue. Ron Vindivich, president of Argo Group's U.S. excess and surplus lines business, will serve as the interim head of the excess and surplus casualty business while a search is underway for a new leader.
Learn more: www.argolimited.com.