Business Moves

Argonaut Specialty

Argonaut Group Inc. is expanding its commitment to the wholesale insurance market with the creation of a new company, Argonaut Specialty, which will target accounts that are somewhat larger than those currently handled by The Colony Group, Argonaut’s established excess and surplus lines carrier.

Argonaut Specialty is being headed by Kevin Brooks, a 37-year veteran of surplus lines and reinsurance underwriting and management, whose career has included serving as chief executive officer and president at General Star until 2001 and, prior to that, positions at Northstar Re and General Re.

Argonaut Specialty is using Colony Group paper and infrastructure while focusing on serving brokers with risks that run slightly larger than those that Colony traditionally handles.

“We think we can build on our knowledge and experience in surplus lines by offering a layer beyond Colony,” Brooks explained.

Brooks plans on establishing relationships with about 25 insurance brokers in the first year. Argonaut Specialty has already opened offices in New York, Chicago, Los Angeles and Atlanta and Brooks has recruited underwriters with surplus lines experience to serve these brokers.

Argonaut Specialty will have a property unit for a wide array of accounts, with limits of $5 million up to $10 million. For casualty lines, the primary maximum limit will be $2 million, while the excess limit will be $10 million.

Through Colony, Argonaut focuses on small to medium-sized premium accounts, including restaurants, artisan contractors, daycare centers, manufacturers and other businesses.

Argonaut Group Inc., which is headquartered in San Antonio, Tex., writes specialty insurance products in all 50 states on both an admitted and non-admitted basis. In addition to Colony and Argonaut Specialty, its subsidiaries include Argonaut Insurance Company, Great Central, Grocers Insurance, Rockwood Casualty Insurance Company and Trident Insurance Services.

The Sinclair Group, J.Biron Agency

The Sinclair Insurance Group of Wallingford, Conn. has enhanced its commercial insurance services through the acquisition of a leading surety bond specialist for the Northeast construction industry. As of May 1, 2005, J. Biron Agency of Newington, Conn. has merged with Sinclair Insurance Group. Principal Jane Biron is now vice president for surety construction for Sinclair. Owner Dave Sinclair said that his agency has always provides surety bonds but Biron’s addition puts the agency in a stronger position to serve its contractor clients.

Prime to Write Surplus Lines in Vermont

The Prime Insurance Syndicate Inc. has received approval to write surplus lines insurance business in Vermont through the INEX Insurance Exchange effective as of April 7, 2005.

Prime will offer surplus lines coverage including commercial auto, liability and property, inland marine, garage liability and towing, healthcare services, select personal lines, and professional liability among others. With authorization in Vermont, Prime now has the authority to write surplus lines business in 42 U.S. states and territories.

As a participant of INEX, Prime must meet reserve and surplus ratio requirements mandated by INEX. The INEX Insurance Exchange Guaranty Fund, a non-statutory guaranty fund that is maintained to pay certain claims in the event of insolvencies, provides additional security for coverage provided through INEX.

Topics Vermont