Paragon Insurance Holdings, a national managing general agent, has announced that it has successfully closed its acquisition of Trident Public Risk Solutions (TPRS) from specialty re/insurance underwriter Argo Group.
A release said that the deal positions Paragon as one of the largest providers of commercial insurance coverage for public entities in the US. As part of the transaction agreement, Trident’s business will also continue to benefit from Argo policy and claims services.
The Trident business will continue to report to Sue Coates, TPRS guaranteed cost division president, and John Atherton, TPRS retained limits president.
“I am excited to work with the Paragon team, growing this great business and delivering tremendous value to our public entity customers,” said TPRS executive vice-president Timothy Carter.
“We are excited to have Trident as part of our portfolio of companies and to be growing our business with Argo Group,” added Paragon co-founder and CEO Ron Ganiats. “Their collective expertise in public entity insurance and risk management will create a great partnership as we continue to grow together.”
Read more: Coronavirus: Argo reveals Q1 loss forecast
The transaction’s announcement comes after Argo Group released a forecast of its first quarter earnings ahead of schedule. According to the firm, it expects to report pre-tax net catastrophe losses of $29 million in May – which includes about $26 million in losses related to the COVID-19 pandemic.
