Specialty insurance and reinsurance underwriter Argo Group International Holdings has announced the establishment of Argo Construction, a stand-alone underwriting business for the construction sector. Jim Cornwell, senior vice president at Argo Group, will lead the new business unit.
“The construction sector is a $1 trillion industry that is growing rapidly and is projected to be among the fastest-growing business sectors in the United States over the next five to seven years,” said Mark E. Watson III, CEO of Argo Group. “Establishing Argo Construction as a stand-alone business will enable it to evolve more quickly and grow at an accelerated pace. Our construction business continues to prosper as a strong, growing and profitable portfolio exceeding $150 million in premium. The group has demonstrated success, primarily in the northeast, and is ready to expand across the United States.”
“This change is the most recent example of a new and successful underwriting practice launched from within our E&S organization,” said Kevin Rehnberg, president of US operations for Argo Group. “We have outstanding underwriting and claims expertise supported by a leading digital platform. We will continue to provide a high level of service to customers while also adding new products in the future.”
Argo Construction will provide project-specific and ongoing coverage to contractors, including general liability and excess casualty. It will also provide excess liability coverage for owners’ interest in construction projects, as well as affiliated coverage including professional liability, cyber, environmental, contractors’ equipment and builders’ risk.
Ron Vindivich, president of Argo Group’s US excess and surplus lines, will serve as interim head of the E&S casualty business while a search is underway for a new leader. Argo Construction and E&S casualty brokers will not see immediate changes in operations or product offerings, but can expect frequent updates on expanding product lines and capabilities, according to Argo Group.