Argonaut Group, a specialty insurance underwriter in the US property and casualty market, has agreed to sell the renewal rights to a substantial portion of its subsidiary Argonaut Insurance Company's risk management book of business to XL America, the holding company for XL Capital's US operations.
Under the agreement, XL America will offer renewal quotes to selected Argonaut risk management clients. To assure a smooth transition during the renewal process, XL America will offer continued access to the specialized claims management and loss control services provided by Argonaut Claims Services Ltd.
Commenting on the agreement, Mark Watson III, president and CEO of Argonaut, said, Although the restructuring of the risk management segment over the past several years has produced a solid book of diversified and profitable business, we have chosen to focus on the more profitable and growth oriented segments of our business as we continue to expand our national presence as a specialty underwriter.