Argo Group International Holdings, an underwriter of specialty insurance and reinsurance products in the property and casualty market, has acquired privately held Insight Insurance Services, a company engaged 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.
As Argo Group US employees, Insight founders Jim Romano and Michelle Duffett will remain integrally involved in managing Insight and retain the titles of president and executive vice president of Insight, respectively. The reporting relationships of Insight’s staff will be unaffected by the change.
As part of the transaction, Argonaut Insurance Company, an Argo Group company, will ultimately serve as Insight’s new carrier for its professional liability coverage. Insight 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.
John Keane, Argo Group’s US senior vice president, said: Insight’s book of business complements our company’s portfolio and brings its own strong distribution network of independent agents.