Bermuda’s Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products in the property and casualty market, has acquired privately held Insight Insurance Services Inc., a specialist in professional liability insurance for accounting professionals, architects, engineers and insurance agents. Terms of the sale were not disclosed.
Insight will operate as a separate professional liability underwriter within Argo Group and will remain a separate legal entity, continuing operations out of its Geneva, Illinois, headquarters. Insight generated more than $40 million in gross written premium last year.
As part of the transaction, Argonaut Insurance Co., an “A” rated Argo Group company, will ultimately serve as Insight’s new carrier for its professional liability coverage. Insight said it will transition policies to Argo Group at the time of policy renewal. As part of Argo Group, Insight will gain direct control of claims handling with the addition of on-site claims management staff at its offices.
Insight is a program administrator offering professional liability insurance for architects, engineers, accounting professionals and insurance agents. Headquartered in Geneva, Illinois, Insight was founded in 1987 by Michelle Duffett and Jim Romano and today has more than 4,500 policyholders and approximately 750 independent insurance agents and brokers across the U.S.
Sources:
Argo Group
www.argolimited.com
Insight
www.insightinsurance.com
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