Argo Group to Sell Contract Binding P&C Renewal Rights to Mesa Underwriters Specialty Insurance Company

Argo Group International Holdings Ltd. (NYSE: ARGO), an underwriter of specialty insurance, announced an agreement to sell the renewal rights of its contract binding property and casualty business to Mesa Underwriters Specialty Insurance Company (MUSIC), the excess and surplus lines subsidiary of Selective Insurance Group Inc. (NASDAQ: SIGI).

“This transaction supports the company’s strategy to simplify the business,” said Marsh Duncan, Argo Group, president, excess and surplus. “We are pleased to have reached an agreement that provides a smooth transition for our brokers and insureds.”

As a part of the transaction, the Argo contract binding team will have the option to join MUSIC and continue to serve this market. Argo Group will continue to honor and service all policies currently in force.

“Expanding our contract binding book of business is a natural evolution of our growth strategy, further ensuring MUSIC’s continued success,” said Jeff Kamrowski, executive vice president, MUSIC. “We are dedicated to our specialty insurance customers and are excited for the opportunity to offer our customized insurance solutions, stellar customer service, and superior claims handling to new contract binding accounts at renewal. This opportunity and trust that Argo places in MUSIC underscores our strong reputation and solid performance in the marketplace.”

The terms of this transaction were not disclosed.