Paragon Insurance Holdings, a national managing general agency, said it has closed on the previously-announced purchase of Trident Public Risk Solutions from Argo Group.
Trident provides insurance and risk management services for public sector entities such as counties, municipalities, schools, special districts and governmental inter-local pools. It operates through a distribution network of national brokerages and local agencies. It has offices in San Antonio, Texas and Springfield, Massachusetts.
Paragon is headquartered in Avon, Connecticut, and writes more than 20 insurance programs including ones for arborists, ski facilities, pest control, timber, precision manufacturing and wineries.
Paragon said the transaction positions it as one of the largest providers of commercial insurance coverage for public entities in the U.S.
Paragon will continue to write business on Argo paper through a managing general agency agreement. Bermuda-based Argo will retain Trident’s claims operations and will provide claims services to Paragon for the public entity business. All existing Trident policies and products will remain valid and available.
Argo expects to report a pre-tax gain of approximately $37 million related to the transaction.
The business will continue to report to Sue Coates, president of TPRS – Guaranteed Cost Division and John Atherton, president of TPRS – Retained Limits.
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