San Antonio-based Argonaut Group, Inc. has reached an agreement to acquire the renewal rights and certain other assets of Chicago-based Coregis Group, Inc., a unit of GE Capital Company and leading public entity insurer.
Argonaut Group, through its public entity segment, Trident Insurance Services, LLC, will begin offering policies to Coregis Group customers, agents and brokers for this targeted line of business. Trident services the insurance needs of preferred governmental entities throughout the United States in the areas of property, inland marine, crime, general liability as well as liability for public officials, educators, law enforcement, automobile and other specialty areas.
Argonaut Group President and CEO Mark Watson III commented, “This renewal rights acquisition continues the expansion of Argonaut Group as a national specialty underwriter and complements the existing lines of business written through our public entity subsidiary, Trident Insurance Services. Using Trident’s expertise in the public entity sector, this transaction affords us the opportunity on a broader scale to systematically acquire a new book of business at a reasonable cost.”
Argonaut Group said given its anticipated success rate of policy renewals, the Coregis Group transaction could be accretive to earnings as early as the third quarter of 2004.
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